Vail Resorts posts gains
Ryan Summerlin April 24, 2014
By the numbers
7.6 percent: Increase in lift revenue.
7.5 percent: Increase in ski school revenue.
5.1 percent: Increase in resort retail/rental revenue.
2.3 percent: Increase in skier visits.
Source: Vail Resorts, measuring the 2013-14 season with the 2012-13 season.
BROOMFIELD — It was a very good ski season for Vail Resorts. The company Wednesday released a report about its financial performance during the season, and, even with a crippling snow drought in California, the company posted gains in several categories.
Compared to the 2012-13 ski season, Vail Resorts posted financial increases in categories including lift revenue, ski school revenue and retail and rental revenue. The company also posted gains in skier visits. Those gains were posted across the company’s resorts in Vail, Beaver Creek, Breckenridge and Keystone in Colorado, as well as The Canyons in Utah and Heavenly, Northstar and Kirkwood in the Lake Tahoe area of California and Nevada.
Those gains came during an abundant snow year in Colorado and a crippling drought in California. In a statement, Vail Resorts CEO Rob Katz wrote that visits to the Tahoe-area resorts improved in March and April. Earlier in the season, those resorts were posting declines in skier visits of more than 20 percent from the previous season.
Katz’s statement added that the just-completed season was better than expected in Colorado, “despite a late Easter and good results in the spring of 2013.” Vail Resorts’ fiscal year runs from Aug. 1 to July 31 in order to capture a full ski season and summer season in one period.
Results from the ski season prompted the company to revise its fiscal-year outlook. In March, the company forecast its “earnings before interest, taxes, depreciation and amortization” to be $255 million to $265 million for the fiscal year. Thursday’s announcement stated that the company expected to surpass the high end of that estimate. The company will make that adjustment to its earnings estimate during its third quarter earnings announcement in June.
Vail Resorts stock ended Thursday’s trading at $67.51, an increase of $1.96. That’s still below the stock’s 52-week high of $76.90.