Vail Resorts (MTN) reported earnings Thur 9 June 2016 (b/o)

** charts after earnings **

 

Vail Resorts beats by $0.07, reports revs in-line; raises FY16 EBITDA/net income guidance; US season pass sales for the winter +34% :

• Reports Q3 (Apr) earnings of $4.23 per share, $0.07 better than the Capital IQ Consensus of $4.16; revenues rose 11.8% year/year to $647.5 mln vs the $652.41 mln Capital IQ Consensus. 
• Resort Reported EBITDA was $306.6 million for the third quarter of fiscal 2016, an increase of 14.7% compared to the same period in the prior year, including $3.5 million of Lodging Reported EBITDA associated with the termination of the Company's management agreement with respect to the Half Moon Resort in Jamaica.
• Total lift revenue for the third quarter of fiscal 2016 increased 17.4%, while total skier visits increased 13.9% compared to the same period in the prior year.
• Outlook
  • We have updated our estimated range of Resort Reported EBITDA for fiscal 2016 to $448-454 mln (up from high end of $430-445 mln). We expect Resort EBITDA Margin to be ~28.6% in fiscal 2016, at the midpoint of our updated guidance range. This is an estimated 300 basis point increase over fiscal 2015, excluding the non-cash gain on the Park City litigation settlement and Perisher EBITDA in the prior year. Our fiscal 2016 Real Estate Reported EBITDA guidance has been updated and is now expected to range from break-even to positive $4 million. Our Net Real Estate Cash Flow guidance is unchanged and is expected to be $13 million to $28 million.
  • Raises net income to $146-159 mln from $132-152 mln.
• "We are thrilled with the results for our season pass sales to date. Pass sales through May 31, 2016 for the upcoming 2016/2017 U.S. ski season increased approximately 29% in units and ~34% in sales dollars, as compared to the prior year period through June 2, 2015. This compares to the growth we reported from our spring 2015 sales of 12% in units and 20% in sales dollars, which at the time were record results. The season pass results this spring represent our strongest absolute and percentage growth ever in our spring selling season.."