An increase in skier visits and average realized ticket prices helped propel Vail Resorts, Inc.’s third quarter income to record highs, the company announced today.
Vail Resorts reported a net income of $68.3 million for third quarter of fiscal year, up 16.2% over last year and beating analyst expectations.
The company said skier visits at its five resorts were up 6 percent over last winter, offset by a decline of 3.3 percent at its Heavenly Resort in California. Breckenridge posted the largest gain, up 10.1 percent to 1.47 million skiers visits. Vail saw 1.57 million skiers and snowboarders, up 6.9 percent. The company also owns Keystone and Beaver Creek in Colorado.
Net revenue for the quarter grew from $327.5 million last year to $341.4 million this year, or 4.2 percent. Mountain revenues were up 14.8 percent, to $294.8 million. Lodging revenues declined by 29.8 percent, to $39.5 million, due in part to the sale of the hotel properties over the past year.
“I am obviously very pleased with our results for the third quarter,” Rob Katz, Vail Resorts chief executive said in a statement.
Vail Resorts’ stock was up 4.15 percent, to $36.86, in late-morning trading.
