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Vail Resorts Tops; Reaffirms '09 View
Vail Resorts Inc. (MTN - Snapshot Report) reported third-quarter earnings per share of $1.68 that fell well short of last year's $2.24, but was still able to beat the consensus of $1.55 by more than 8%.
However, resort revenue was down 12% while real estate revenue slipped 82%. Skier visits were off 9%. As a result, total revenue declined 21% to $333.5 million.
A 26% increase in 2008-09 season-pass revenue offset the decline partially.
Vail Resorts expects to earn between $41 million and $51 million for the current fiscal year.
The average forecast for the fiscal year ending July 2009 remains steady at $1.20 per share over the past month. Two months ago, the consensus was pegged at $1.13 per share.
Shares of this Zacks #3 Rank ("Hold") is down a little more than 1% this afternoon on lower volume of 336,000 shares, versus the daily average of 385,609.
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| Market Summary | Nov 21, 2009 19:44 pm ET |
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