UPDATE: Vail Resorts Posts Higher Q2 Earnings, Lifts Dividend

reported a string rise in its earnings for the fiscal second quarter. The Broomfield, Colorado-based company posted a quarterly profit of $115.8 million, or $3.10 per share, versus a year-ago profit of $59.3 million, or $1.60 per share. The recent quarter results included $23.8 million in income tax benefit. Its revenue climbed 17% to $530.2 million. However, analysts were expecting earnings of $2.30 per share on revenue of $534 million. For the mountain segment, total lift revenue climbed 22.5% to $239.3 million. Season-pass revenue gained 20%. Ski school revenue surged 22.1%, while dining revenue jumped 18.5% in the quarter. Resort net revenue climbed 16.6% to $522.4 million, while Real Estate segment net revenue jumped 60.8% to $7.8 million. Lodging segment net revenue, excluding payroll cost reimbursements, gained 6.3% in the quarter. The company's board lifted dividend by 50% to 62.25 cents per share from 41.5 cents per share. Rob Katz, Chief Executive Officer said, "Our results were very strong in the second quarter of fiscal 2015, with Mountain revenue increasing 18.2% compared to the prior year. Total lift revenue increased 22.5%, primarily driven by a 15.9% growth in visitation and a 5.7% increase in effective ticket price ("ETP") compared to the prior year. We continue to see robust spending trends that drove a 22.1% increase in ski school revenue and an 18.5% increase in food and beverage revenue compared to the prior year…Our Resort Reported EBITDA growth was tempered by challenging conditions in Tahoe with near record-low snowfall that impacted visitation. Despite varied weather conditions across our three primary regions, results this fiscal quarter demonstrate the benefit of our geographic diversification and the impact of our destination marketing strategies." For the year ending in July, Vail now expects earnings before interest, taxes, depreciation and amortization of $340 million to $350 million. Vail Resorts shares closed at $85.01 yesterday.