Vail Resorts Reports Loss Of $1.20 Per Share (MTN)

Vail Resorts, Inc. MTN released financial results on Tuesday morning that missed Wall Street earnings estimates, while beating revenue expectations. Vail Resorts, Inc announced that its 1st quarter net loss widened to $43.0 million, or $1.20 per share, from a net loss of $41.2 million, or $1.14 per share, a year earlier. The company's revenue rose to $234.42 million, up from $80.76 million a year earlier. According to a poll 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." Vail Resorts, Inc. (MTN) finished the previous trading day at $49.09 per share. The consensus price target of analysts covering the company's stock is $47.60 per share. Read more from Benzinga's Company news.