Vail Resorts Reports Q3 Earnings Double Miss, Stock Hits 52-Week Low, Drops 6.2% After-Hours

Vail Resorts (NYSE: MTN) reported its earnings for the third fiscal quarter of 2024, revealing a net income of $362 million, up from $325 million in the same period last year. The company also reported a Resort Reported EBITDA of $654.4 million. Despite these increases, the earnings report was considered a double miss, with Vail Resorts' stock hitting a new 52-week low and dropping 6.2% in after-hours trading. Revenue for the quarter reached $1.283 billion, a 3.6% increase year-over-year, with an EPS of $9.54. Lift revenue rose by 5%, ski school revenue increased by 11.1%, while retail and rental revenue fell by 8.7%. Skier visits were down 7.7% from the previous season, and season pass sales for the next season are down 5% in units and 1% in dollars. The company faced significant weather-related challenges, including 28% lower snowfall across its western North American resorts compared to the previous year. CEO stated, 'While pass product visitation returned as expected, as we communicated in April, lift ticket visitation did not return to typical historical guest behavior for the spring.' Updated fiscal 2024 guidance for Resort EBITDA is between $825 million and $843 million.