Vail Resorts Triples Revenue, Hits 52-Week High (MTN)

Shares of Vail Resorts, Inc. MTN are trading up 1.8% at $49.95 per share during the Tuesday morning trading session. The day's trading range for shares of Vail Resorts, Inc has been between $48.47 and a 52-week high of $51.95 per share. Analysts covering the company's stock give it a consensus price target of $47.60 per share. Volume of 437,000 shares is already above the daily average volume of 346,000 shares. Vail Resorts, Inc. (MTN) announced on Tuesday morning that it missed consensus Wall Street earnings expectations but beat revenue estimates. Vail Resorts, Inc announced a 1st quarter loss of $1.20 per share, on revenue that nearly tripled to $234.42 million. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for a loss of $1.10 per share, on revenue of $219.88 million. Chief executive officer Rob Katz said, "Our first fiscal quarter is a seasonally low earnings period and historically a loss quarter since our mountain resorts are not open for winter ski operations during the period. The quarter is driven primarily by our summer mountain and lodging operations, together with our administrative expenses for our year-round employees. During the quarter, our Mountain segment experienced improving trends in its seasonal operations. Mountain revenue increased 4.0% to $40.8 million in the first quarter on an 18.4% improvement in dining revenue reflecting better group and wedding business at our resorts. Our lodging business reported favorable results in the quarter, with revenue per available room ('RevPAR') at our owned and managed hotels and condominiums increasing 21.0% to $64.25 and occupancy up 5.8 points." Read more from Benzinga's Company news.