Vail Resorts Inc. (MTN) reported a wider loss in the first quarter due to the effect of acquisition and integration related expenses and an incremental loss from off-season operations as well as currency translation headwind.
Net loss attributable to the company widened to $107.8 million or $2.66 per share from $28.4 million or $0.71 per share in the previous year quarter. Total net revenue declined marginally by 0.4% to $220 million.
The results are primarily driven by winter operating results from Perisher and its North American resorts’ summer activities, dining, retail/rental and lodging operations, and administrative expenses.
Looking ahead into the fiscal year 2019, the company reaffirmed its guidance of $718 million to $750 million of Resort Reported EBITDA. The company’s capital plan for calendar 2019 will be about $139 million to $143 million, excluding certain items. Total capital plan will be about $175 million to $180 million, including items.
The company declared a quarterly cash dividend of $1.47 per share of Vail Resorts common stock that will be payable on January 10, 2019, to shareholders of record on December 27, 2018. Also, a Canadian dollar equivalent dividend on the exchangeable shares of Whistler Blackcomb Holdings Inc. will be payable on January 10, 2019, to shareholders of record on December 27, 2018.
For the first quarter, Mountain segment revenue fell 2.1% due to a decline in the average Australian exchange rate, while Lodging segment net revenue rose 3.6%. Resort Reported EBITDA loss was $72.5 million wider than $54.1 million in the prior year quarter.
For the upcoming 2018/2019 North American ski season, season pass sales through December 2, 2018 increased about 21% in units and 13% in sales dollars as compared to the period in the prior year through December 3, 2017, including all military pass products and pass sales from Stevens Pass and Triple Peaks in both periods.
Shares of Vail Resorts ended Thursday’s regular session up 0.80% at $271.77 on the NYSE. The stock has risen over 27% in the year so far and over 22% in the past year.
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