Vail Resorts (NYSE:MTN) reported mixed fiscal first quarter results, with revenue of $279.45M surpassing analysts expectations but earnings falling short.
Total net revenue grew 59.2% Y/Y, with mountain segment revenue up 84.6% to $201.7M, lodging segment revenue up 15.1% to $73.9M and resort revenue up 59.3% to $279.3M.
Net loss attributable to the company narrowed from $139.3M to $137M.
Pass product sales through December 5, 2022 for the upcoming 2022/2023 North American ski season grew ~6% in units and ~6% in sales dollars as compared to the period in the prior year through December 6, 2021
CEO Kirsten Lynch stated, “Our first fiscal quarter historically operates at a loss, given that our North American and European mountain resorts are generally not open for ski season operations during the period. The quarter’s results are primarily driven by winter operating results from our Australian resorts and our North American resorts’ summer activities, dining, retail/rental and lodging operations, and administrative expenses.”
Looking ahead, MTN reaffirmed its fiscal 2023 net income guidance of $321M-$396M and Resort Reported EBITDA guidance of $893M to $947M. The guidance assumes a continuation of the current economic environment, normal weather conditions, and no material impacts associated with COVID-19 for the 2022/2023 North American and European ski season or the 2023 Australian ski season.
Shares of MTN were up ~3% shortly before 11AM ET
