We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Vail Resorts, Inc. (MTN - Free Report) reported second-quarter fiscal 2021 results, wherein both earnings and revenues beat the Zacks Consensus Estimate. However, both the metrics declined year over year. Following the results, the company’s shares gained 9.7% in after-hour trading session on Mar 11.
In the quarter under review, the company reported earnings of $3.62 per share, against the Zacks Consensus Estimate of a loss of $2.19. In the prior-year quarter, the company had reported earnings of $5.04 per share.
Quarterly revenues were $684.7 million, which surpassed the consensus mark of $623 million. However, the top line fell 26% on a year-over-year basis. The downside was due to dismal performance by the Mountain segment and Lodging segments.
The company’s RevPAR declined 38.4% in the quarter, while ADR increased 2.9%.
Segment Results
The Mountain segment reported revenues of $641.5 million in the quarter under review, down 24.1% year over year due to limitation and restrictions on its North American operations on account of the COVID-19 outbreak. The downside can also be attributed to 11.1% decline in lift revenues. Moreover, Ski school, dining and retail/rental revenues decreased 45.1%, 58.0%, and 32.6%, respectively.
The segment’s EBITDA amounted to $283.6 million, down 24% from the prior-year quarter. Meanwhile, operating expenses at the Mountain segment totaled $186.1 million, down 29% year over year. EBITDA was impacted by coronavirus pandemic, marginally overshadowed by disciplined cost management.
Lodging net revenues in the reported quarter were $42.9 million, down 45.7% year over year primarily due to operational restrictions of North American lodging properties as a result of the pandemic. Under the segment, EBITDA declined to ($7.5) million from the prior-year quarter figure of $5.3 million.
Meanwhile, operating expenses at the Lodging segment contracted 31.5% year over year to $50.4 million.
Vail Resorts, Inc. Price, Consensus and EPS Surprise
Vail Resorts reported adjusted EBITDA of $274.8 million in the quarter under review compared with $373 million in the prior-year quarter. The decline was primarily due to negative impact of the coronavirus pandemic.
Resort operating expenses totaled $409.5 million, down 25% year over year. Meanwhile, total segmental operating expenses contracted 25% year over year to $411 million.
Balance Sheet
Cash and cash equivalents as Jan 31, 2021, totaled $1,301 million, up from $126.8 million in the year-ago period.
Net long-term debt amounted to $2,768 million at the end of the quarter, up from $1,817.1 million at the end of the prior-year quarter.
As of Feb 28, 2021, the company had total cash and revolver availability of approximately $2 billion. This includes $1.4 billion of cash in hand, $419 million of U.S. revolver availability under the Vail Holdings Credit Agreement and $179 million of revolver availability under the Whistler Credit Agreement.
Fiscal 2021 Guidance
The company provided results for nine months ended Apr 30, 2021. The company anticipates net income in the range of $204 million to $247 million. Resort reported EBITDA is expected between $560 million and $600 million.
With super high data speed, it will make current cell phones obsolete and unlock the full potential of big data, cloud computing, and artificial intelligence. In the next few years this industry is predicted to create 22 million jobs and a stunning $12.3 trillion in revenue.
Today you have an historic chance to pursue almost unimaginable gains like Microsoft, Netflix, and Apple in their early phases. Zacks has released a Special Report that reveals our . . .
Image: Bigstock
Vail Resorts (MTN) Q2 Earnings & Revenues Beat Estimates
Vail Resorts, Inc. (MTN - Free Report) reported second-quarter fiscal 2021 results, wherein both earnings and revenues beat the Zacks Consensus Estimate. However, both the metrics declined year over year. Following the results, the company’s shares gained 9.7% in after-hour trading session on Mar 11.
In the quarter under review, the company reported earnings of $3.62 per share, against the Zacks Consensus Estimate of a loss of $2.19. In the prior-year quarter, the company had reported earnings of $5.04 per share.
Quarterly revenues were $684.7 million, which surpassed the consensus mark of $623 million. However, the top line fell 26% on a year-over-year basis. The downside was due to dismal performance by the Mountain segment and Lodging segments.
The company’s RevPAR declined 38.4% in the quarter, while ADR increased 2.9%.
Segment Results
The Mountain segment reported revenues of $641.5 million in the quarter under review, down 24.1% year over year due to limitation and restrictions on its North American operations on account of the COVID-19 outbreak. The downside can also be attributed to 11.1% decline in lift revenues. Moreover, Ski school, dining and retail/rental revenues decreased 45.1%, 58.0%, and 32.6%, respectively.
The segment’s EBITDA amounted to $283.6 million, down 24% from the prior-year quarter. Meanwhile, operating expenses at the Mountain segment totaled $186.1 million, down 29% year over year. EBITDA was impacted by coronavirus pandemic, marginally overshadowed by disciplined cost management.
Lodging net revenues in the reported quarter were $42.9 million, down 45.7% year over year primarily due to operational restrictions of North American lodging properties as a result of the pandemic. Under the segment, EBITDA declined to ($7.5) million from the prior-year quarter figure of $5.3 million.
Meanwhile, operating expenses at the Lodging segment contracted 31.5% year over year to $50.4 million.
Vail Resorts, Inc. Price, Consensus and EPS Surprise
Vail Resorts, Inc. price-consensus-eps-surprise-chart | Vail Resorts, Inc. Quote
Operating Results
Vail Resorts reported adjusted EBITDA of $274.8 million in the quarter under review compared with $373 million in the prior-year quarter. The decline was primarily due to negative impact of the coronavirus pandemic.
Resort operating expenses totaled $409.5 million, down 25% year over year. Meanwhile, total segmental operating expenses contracted 25% year over year to $411 million.
Balance Sheet
Cash and cash equivalents as Jan 31, 2021, totaled $1,301 million, up from $126.8 million in the year-ago period.
Net long-term debt amounted to $2,768 million at the end of the quarter, up from $1,817.1 million at the end of the prior-year quarter.
As of Feb 28, 2021, the company had total cash and revolver availability of approximately $2 billion. This includes $1.4 billion of cash in hand, $419 million of U.S. revolver availability under the Vail Holdings Credit Agreement and $179 million of revolver availability under the Whistler Credit Agreement.
Fiscal 2021 Guidance
The company provided results for nine months ended Apr 30, 2021. The company anticipates net income in the range of $204 million to $247 million. Resort reported EBITDA is expected between $560 million and $600 million.
Vail Resorts, which shares space with Camping World Holdings, Inc. (CWH - Free Report) , Cedar Fair, L.P. (FUN - Free Report) and Bluegreen Vacations Holding Corporation , carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
5G Revolution: 3 Stocks to Make Your Move
With super high data speed, it will make current cell phones obsolete and unlock the full potential of big data, cloud computing, and artificial intelligence. In the next few years this industry is predicted to create 22 million jobs and a stunning $12.3 trillion in revenue.
Today you have an historic chance to pursue almost unimaginable gains like Microsoft, Netflix, and Apple in their early phases. Zacks has released a Special Report that reveals our . . .
Download now. Today the report is FREE >>