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BROOMFIELD, Colorado - Vail Resorts, Inc. (NYSE:MTN) reported better-than-expected third quarter earnings on Monday, but lowered its full-year outlook due to weaker spring visitation and costs related to its CEO transition.
The company’s shares slipped 1% in after-hours trading following the earnings release.
The ski resort operator posted adjusted earnings per share of $10.54 for the quarter ended April 30, beating analyst estimates of $10.17. Revenue came in at $1.3 billion, slightly below the $1.31 billion consensus forecast.
However, Vail Resorts reduced its fiscal 2025 guidance, now expecting net income of $264-$298 million and Resort Reported EBITDA of $831-$851 million. The company cited lower than anticipated lift ticket sales in the spring and $9 million in one-time costs for its CEO transition as reasons for the lowered outlook.
"Results in the quarter reflect the stability provided by our season pass program as Resort net revenue, excluding Crans-Montana, remained consistent with prior year even as visitation declined 7%," said CEO Rob Katz.
Total (EPA:TTEF) skier visits fell 3.7% year-over-year to 8.61 million in Q3. However, season pass revenue increased 5.5% as the company raised prices for the 2024/2025 North American ski season.
Vail Resorts also announced that pass product sales for the upcoming 2025/2026 season decreased approximately 1% in units but increased about 2% in dollar sales compared to the prior year period.
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