Why Are Vail Resorts Shares Down 12.2% Friday

Zinger Key Points
  • Vail Resorts' third-quarter earnings and sales both fell short of expectations.
  • Due to disappointing spring visitation, Vail Resorts revised its full-year 2024 guidance downward.

Vail Resorts, Inc. MTN shares are trading lower Friday afternoon after the company reported weaker-than-expected third-quarter financial results and revised its full-year 2024 guidance downward.

What To Know: The company posted quarterly earnings of $9.54 per share, missing market estimates of $10.03 per share. The company's sales came in at $1.28 billion, below the expected $1.30 billion.

As a result of disappointing spring visitation and lowered expectations for its Australian resorts, Vail Resorts reduced its forward guidance for full-year 2024. The company now anticipates Resort Reported EBITDA to be between $833 million and $851 million and net income attributable to Vail Resorts to be between $224 million and $256 million.

Related Link: Vail Resorts Stock Slides On Q3 Earnings: What You Need To Know

Analyst Changes: Following the earnings report, several analysts adjusted their price targets for Vail Resorts:

  • JP Morgan: Downgraded the stock from Neutral to Underweight and reduced the price target from $217 to $176.
  • Morgan Stanley: Maintained an Equal-Weight rating and lowered the price target from $229 to $179.

Related Link: These Analysts Slash Their Forecasts On Vail Resorts After Weak Q3 Results

Vail Price Action: Vail Resorts shares were down by 12.2% at $170.96 at the time of writing, according to Benzinga Pro.

See Also: Vail Resorts Posts Downbeat Q3 Results, Joins Concrete Pumping, DocuSign And Other Big Stocks Moving Lower In Friday’s Pre-Market Session

Image: Courtesy of Vail resorts Inc.

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