Vail’s financial performance slid in fourth quarter, full-year 2023

BROOMFIELD — Vail Resorts Inc. (NYSE: MTN) posted lower year-over-year earnings in the fourth quarter and for the full 2023 fiscal year.

The resort operator recorded sales of $205.8 million in the fourth quarter, up from $203.8 million in the same period last year.

Despite the improved sales, Vail’s net attributable loss in the most recent quarter was $128.6 million, compared with $108.7 million in the fourth quarter of 2022.

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“The fourth quarter declined from the prior year, primarily driven by the company’s fiscal 2023 investments in employees, as well as a below average snowfall and snowmaking temperatures that limited terrain availability during the Australian winter season,” Vail said. “North American summer operations also underperformed expectations driven by a combination of lower demand for destination mountain travel, which we believe was primarily driven by a broader shift in summer travel behavior associated with the wider variety of vacation offerings available following various travel restrictions in the prior two years and weather-related operational disruptions.”

Net income attributable to Vail was $268.1 million in fiscal 2023, down from $347.9 million in fiscal 2022. 

“The decrease in net income attributable to Vail Resorts compared to the prior year is primarily attributable to a large gain on disposal of fixed assets in fiscal 2022 and an increase in fiscal 2023 expense associated with a change in the estimated fair value of the contingent consideration liability related to our Park City resort lease,” the company said. 

Looking ahead to 2024, Vail expects net attributable income to be between $316 million and $394 million for the full fiscal year. 

Vail’s stock dropped 8.38% on Friday, finishing the day trading at $20.29