UPDATE: Vail Resorts Posts Narrower Q1 Loss

Vail Resorts MTN reported a narrower loss for the first quarter. The Broomfield, Colorado-based company posted a quarterly loss of $64.3 million, or $1.77 per share, versus a year-ago loss of $73.4 million, or $2.04 per share. Its revenue climbed 3.9% to $128.3 million. However, analysts were expecting a loss of $2.02 per share on revenue of $132.30 million. Lodging sales rose 2.7%, while mountain segment sales surged 5.3% to $60 million. Resort net revenue climbed 3.8% to $118.9 million, while real estate segment net revenue jumped 6.1% to $9.4 million. Number of season passes sold for the 2014/2015 ski season through December 4, 2014 jumped 13% y/y, while related sales revenue increased 16%. Vail Resorts reaffirmed its forecast for for fiscal year 2015. Rob Katz, Chief Executive Officer, said, "Our first fiscal quarter is historically a loss quarter since our mountain resorts are not open for winter ski operations. The quarter is driven primarily by our summer mountain activities, dining, retail, and lodging operations, and administrative expenses for our year-round employees.” The company also announced a capital improvement plan for Park City and Canyons. Vail Resorts shares closed at $91.43 on Friday.