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Vail Resorts Conference Call Highlights

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Vail Resorts, Inc. (NYSE: MTN) recently reported its Q3 earnings. Shares of the company are down 2.5 percent.

Below are some key highlights from its conference call.

Performance Metrics and Plans:

• The quarter is driven primarily by our summer mountain-up activities, dining, retail and lodging operations and administrative expenses for our year-round employees.
• Our resort reported EBITDA loss for the quarter was consistent with our expectations, reflecting strong operating results and the addition of Park City, which operated at a loss for the quarter.
• Mountain segment net revenue in the quarter increased 5.3% to $60.4 million compared to the prior year, driven by an increase in our summer activities.
• Revenue of 31.2% compared to the prior year, along with strong pre-ski season retail results.
• Our Lodging segment net revenue excluding payroll cost reimbursements increased $1.5 million or 2.7%, driven primarily by a strong finish to the summer season at the Grand Teton Lodge Company.
• Turning to our Real Estate segment, we are very pleased with the continued level of sales activity at both of our development projects.
• In the first fiscal quarter, we closed on sales of two Ritz-Carlton Residences Vail units and two units at One Ski Hill Place in Breckenridge.
• Net real estate cash flow totaled $5 million for the quarter.
• We continued to see positive momentum in our resort real estate markets enclosed on two additional One Ski Hill Place units subsequent to October 31, 2014.
• I'm also very pleased to announce that our Board of Directors has declared a quarterly cash dividend on Vail Resorts' common stock.
• The quarterly dividend will be $0.4150 per share of common stock and will be payable on January 12, 2015 to shareholders of record on December 29, 2014.
• Our first quarter Resort reported EBITDA was a loss of $54.1 million, including a $16.4 million non-cash gain on Park City litigation settlement.

Posted-In: conference callEarnings News Guidance

 

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