Despite what the CEO called "challenging" and "difficult" snow onditions, Vail Resorts Inc. was able to beat analysts' second-quarter earnings expectations.
The Broomfield company (NYSE: MTN) reported adjusted net earnings of $4.12 per share and revenues of $734.6 million. Analysts polled by Thomson Reuters First Call expected second-quarter revenues of $3.58 per share and revenue of $715 million.
CEO Rob Katz said the quarter was affected by poor snow conditions.
"Given the historically low snowfall across the western U.S. this winter, we are pleased with our results ... Compared to the prior year, total lift revenue increased 6.6 percent, despite visitation being down 3.1 percent ... Through January 31st, conditions across the western U.S. remained challenging, with season-to-date snowfall in Vail, Beaver Creek and Park City at the lowest levels recorded in over 30 years ... Our lodging results for the second fiscal quarter were also impacted by the adverse conditions at our Colorado resorts. Revenue ... decreased 3.4 percent compared to the prior year," Katz said in a statement.
Read more at the Denver Business Journal: http://bit.ly/2FzImjn