UPDATE: Vail Resorts Reports Q3 Net Income of $76.9M, Initiates Quarterly Cash Dividend

Vail Resorts Inc MTN released its results for the third quarter and announced its plans to initiate a quarterly cash dividend on its common stock for the first time in the Company's history. Vail Resorts reported its net income at $76.9 million, or $2.08 per share, up from $72.8 million, or $1.98 per share, in the year-ago period. Its total net revenue surged 18.3% y/y to $414.5 million, from $350.3 million, in the year-ago period. However, analysts were expecting earnings of $2.14 per share on revenue of $412.63 million. Vail Resorts declared its first ever quarterly cash dividend of $0.15 per share of common stock. Robert Katz, Chief Executive Officer, commented, "I am very pleased with our third quarter performance which reflects the success of many of our key strategies and initiatives. The investments we made at our resorts, our focus on driving lift revenue and ancillary spending, as well as shifting guests to advanced purchased products, allowed us to report strong growth in Resort Reported EBITDA, despite an economy that continues to be in flux." Vail Resorts shares closed at $43.41 yesterday. Read more from Benzinga's Company news.