We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Vail Resorts (MTN) Q1 Earnings Miss, Revenues Top Estimates
Read MoreHide Full Article
Vail Resorts, Inc. (MTN - Free Report) reported first-quarter fiscal 2023 results, with earnings missing the Zacks Consensus Estimate, but revenues surpassing the same. The top and the bottom line increased on a year-over-year basis.
Kirsten Lynch, chief executive officer, Vail Resorts, stated, "We are pleased with the results of our season pass sales, which continue to demonstrate the strength of the guest experience, our network of mountain resorts and commitment to continually investing in the guest experience."
Following the announcement, shares of the company gained 1.7% during the after-hours trading session on Dec 8.
Earnings & Revenues
In the quarter under review, the company reported a loss of $3.40 per share, wider than the Zacks Consensus Estimate of a loss of $3.17. In the prior-year quarter, the company reported a loss of $3.44 per share.
Quarterly revenues amounted to $279.4 million, beating the Zacks Consensus Estimate of $246 million by 13.6%. The top line rose 59.2% on a year-over-year basis. Strong destination guest visitation and robust pass product sales added to the upside.
Vail Resorts, Inc. Price, Consensus and EPS Surprise
Vail Resorts reports through two segments — Mountain and Lodging.
The Mountain segment generated revenues of $201.7 million in the quarter under review, up 84.6% year over year. Fewer COVID-19 related limitations and restrictions compared with the prior-year period’s levels and record visitation at Australian ski areas acted as tailwinds.
During the quarter, revenues from dining and retail/rental rose 55.3% and 42.2%, respectively, year over year. Revenues from the lift and Ski school increased 315.5% and 506% year over year to $59.5 million and $8.9 million, respectively.
The segment’s EBITDA amounted to $92.1 million in the fiscal first quarter compared with $111 million reported in the prior-year quarter. Operating expenses in the Mountain segment totaled $294.2 million, up 32.7% year over year.
Lodging segment’s net revenues (excluding payroll cost reimbursements) in the reported quarter were $73.9 million, up 15.1% year over year, primarily due to robust dining revenues. During the quarter, the segment’s EBITDA came in at $4.4 million against $2.7 million reported in the year-ago quarter.
During the quarter, operating expenses in the Lodging segment increased 29.3% year over year to $82 million.
Operating Results
Vail Resorts reported adjusted EBITDA of $97.82 million in the quarter compared with $109.5 million reported in the prior-year quarter. Net operating expenses totaled $377.5 million, up 31.7% year over year.
Balance Sheet
As of Oct 31, cash and cash equivalents totaled $1,180.9 million compared with $1,468.4 million in the year-ago period.
Net long-term debt amounted to $2,769.7 million at the end of the quarter, compared with $2,704.6 million at the end of the prior-year quarter.
As of Oct 31, the company had total cash and revolver availability of approximately $1.8 billion. This includes $1.2 billion cash in hand, $417 million of U.S. revolver availability under the Vail Holdings Credit Agreement and $207 million of revolver availability under the Whistler Credit Agreement.
Meanwhile, the company declared a cash dividend of $1.91 per share to be paid out on Jan 10, 2023, to shareholders on record as of Dec 27.
Other Information
The company reported solid season pass sales for the upcoming 2022/2023 North American ski season. Season-to-date (through Dec 5), the company stated that pass product sales had increased approximately 6% in units and approximately 6% in sales dollars compared with the prior-year period’s (through Dec 6, 2021) levels.
Fiscal 2023 Guidance
The company reaffirmed its 2023 outlook. The outlook is based on the assumption of normal conditions and operations throughout the 2022/2023 North American, European and Australian ski seasons and no impact from travel or operating restrictions associated with COVID-19.
In fiscal 2023, net income (attributable to Vail Resorts) is estimated in the range of $321-$396 million. Resorts reported EBITDA is expected in the range of $893-$947 million. Resorts reported EBITDA margin is anticipated to be nearly 31%, using the midpoint of the guidance.
Zacks Rank and Stocks to Consider
Currently, Vail Resorts carries a Zacks Rank #3 (Hold).
Monarch Casino sports a Zacks Rank #1 (Strong Buy) at present. MCRI has a trailing four-quarter earnings surprise of 9.1%, on average. The stock has gained 24.2% in the past year. You can see the complete list of today's Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for MCRI’s 2022 sales and earnings per share (EPS) indicates growth of 21.1% and 29.2%, respectively, from the year-ago period’s reported levels.
Hyatt currently has a Zacks Rank #2 (Buy). H has a trailing four-quarter earnings surprise of 652.3%, on average. The stock has increased 25.6% in the past year.
The Zacks Consensus Estimate for H’s current financial year sales and EPS indicates a surge of 92.6% and 121.8%, respectively, from the year-ago period’s reported levels.
Crocs currently has a Zacks Rank #2. CROX has a long-term earnings growth rate of 15%. Shares of Crocs have plunged 38.6% in the past year.
The Zacks Consensus Estimate for CROX’s 2022 sales and EPS indicates a rise of 51.5% and 23.7%, respectively, from the year-ago period’s levels.
Unique Zacks Analysis of Your Chosen Ticker
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
Vail Resorts (MTN) Q1 Earnings Miss, Revenues Top Estimates
Vail Resorts, Inc. (MTN - Free Report) reported first-quarter fiscal 2023 results, with earnings missing the Zacks Consensus Estimate, but revenues surpassing the same. The top and the bottom line increased on a year-over-year basis.
Kirsten Lynch, chief executive officer, Vail Resorts, stated, "We are pleased with the results of our season pass sales, which continue to demonstrate the strength of the guest experience, our network of mountain resorts and commitment to continually investing in the guest experience."
Following the announcement, shares of the company gained 1.7% during the after-hours trading session on Dec 8.
Earnings & Revenues
In the quarter under review, the company reported a loss of $3.40 per share, wider than the Zacks Consensus Estimate of a loss of $3.17. In the prior-year quarter, the company reported a loss of $3.44 per share.
Quarterly revenues amounted to $279.4 million, beating the Zacks Consensus Estimate of $246 million by 13.6%. The top line rose 59.2% on a year-over-year basis. Strong destination guest visitation and robust pass product sales added to the upside.
Vail Resorts, Inc. Price, Consensus and EPS Surprise
Vail Resorts, Inc. price-consensus-eps-surprise-chart | Vail Resorts, Inc. Quote
Segment Results
Vail Resorts reports through two segments — Mountain and Lodging.
The Mountain segment generated revenues of $201.7 million in the quarter under review, up 84.6% year over year. Fewer COVID-19 related limitations and restrictions compared with the prior-year period’s levels and record visitation at Australian ski areas acted as tailwinds.
During the quarter, revenues from dining and retail/rental rose 55.3% and 42.2%, respectively, year over year. Revenues from the lift and Ski school increased 315.5% and 506% year over year to $59.5 million and $8.9 million, respectively.
The segment’s EBITDA amounted to $92.1 million in the fiscal first quarter compared with $111 million reported in the prior-year quarter. Operating expenses in the Mountain segment totaled $294.2 million, up 32.7% year over year.
Lodging segment’s net revenues (excluding payroll cost reimbursements) in the reported quarter were $73.9 million, up 15.1% year over year, primarily due to robust dining revenues. During the quarter, the segment’s EBITDA came in at $4.4 million against $2.7 million reported in the year-ago quarter.
During the quarter, operating expenses in the Lodging segment increased 29.3% year over year to $82 million.
Operating Results
Vail Resorts reported adjusted EBITDA of $97.82 million in the quarter compared with $109.5 million reported in the prior-year quarter. Net operating expenses totaled $377.5 million, up 31.7% year over year.
Balance Sheet
As of Oct 31, cash and cash equivalents totaled $1,180.9 million compared with $1,468.4 million in the year-ago period.
Net long-term debt amounted to $2,769.7 million at the end of the quarter, compared with $2,704.6 million at the end of the prior-year quarter.
As of Oct 31, the company had total cash and revolver availability of approximately $1.8 billion. This includes $1.2 billion cash in hand, $417 million of U.S. revolver availability under the Vail Holdings Credit Agreement and $207 million of revolver availability under the Whistler Credit Agreement.
Meanwhile, the company declared a cash dividend of $1.91 per share to be paid out on Jan 10, 2023, to shareholders on record as of Dec 27.
Other Information
The company reported solid season pass sales for the upcoming 2022/2023 North American ski season. Season-to-date (through Dec 5), the company stated that pass product sales had increased approximately 6% in units and approximately 6% in sales dollars compared with the prior-year period’s (through Dec 6, 2021) levels.
Fiscal 2023 Guidance
The company reaffirmed its 2023 outlook. The outlook is based on the assumption of normal conditions and operations throughout the 2022/2023 North American, European and Australian ski seasons and no impact from travel or operating restrictions associated with COVID-19.
In fiscal 2023, net income (attributable to Vail Resorts) is estimated in the range of $321-$396 million. Resorts reported EBITDA is expected in the range of $893-$947 million. Resorts reported EBITDA margin is anticipated to be nearly 31%, using the midpoint of the guidance.
Zacks Rank and Stocks to Consider
Currently, Vail Resorts carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the Zacks Consumer Discretionary sector are Monarch Casino & Resort, Inc. (MCRI - Free Report) , Hyatt Hotels Corporation (H - Free Report) and Crocs, Inc. (CROX - Free Report) .
Monarch Casino sports a Zacks Rank #1 (Strong Buy) at present. MCRI has a trailing four-quarter earnings surprise of 9.1%, on average. The stock has gained 24.2% in the past year. You can see the complete list of today's Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for MCRI’s 2022 sales and earnings per share (EPS) indicates growth of 21.1% and 29.2%, respectively, from the year-ago period’s reported levels.
Hyatt currently has a Zacks Rank #2 (Buy). H has a trailing four-quarter earnings surprise of 652.3%, on average. The stock has increased 25.6% in the past year.
The Zacks Consensus Estimate for H’s current financial year sales and EPS indicates a surge of 92.6% and 121.8%, respectively, from the year-ago period’s reported levels.
Crocs currently has a Zacks Rank #2. CROX has a long-term earnings growth rate of 15%. Shares of Crocs have plunged 38.6% in the past year.
The Zacks Consensus Estimate for CROX’s 2022 sales and EPS indicates a rise of 51.5% and 23.7%, respectively, from the year-ago period’s levels.