Vail Resorts Inc. said its earnings rose 13 percent in its latest quarter, as higher lift revenue offset challenging conditions in the Tahoe and Utah locations.
Results, however, fell short of analysts’ expectations.
Vail affirmed on Monday its view for full-year earnings before interest, taxes, depreciation and amortization of $340 million to $350 million after previously lowering the upper end of its forecast for the business year ending in July.
For the latest quarter, Vail Resorts reported a profit of $133.4 million, or $3.56 a share, up from $117.9 million, or $3.18 a share, a year earlier.
Revenue increased 6.7 percent to $579.3 million.
Analysts polled by Thomson Reuters were looking for per-share profit of $3.73 and revenue of $594 million.
In a news release, Chief Executive Rob Katz noted record low snowfall in Tahoe and unseasonably high temperatures in Utah, but said Colorado resorts delivered strong growth in pricing and yields.
In the company’s mountain segment, total lift revenue increased 13 percent to $285.2 million, thanks partly to higher ticket prices. The effective ticket price increased 15 percent while lift sales rose 9.1 percent. Season pass revenue climbed 21 percent. Total skier visits, however, fell 1.4 percent.
Ski-school revenue climbed 5.9 percent while dining revenue rose 4 percent.
In Vail’s lodging segment, revenue rose 1.7 percent to 1.1 million as average daily rates jumped 10 percent and revenue per available room — a key measure of performance for the lodging industry — increased 9.8 percent.
Revenue in the company’s real estate segment dropped 23 percent to $3.7 million.
Vail in March agreed to buy Australian Perisher Ski Resort for about $136 million, a deal that marked its first international expansion.
During the quarter, Vail recorded $900,000 in deal-related costs for the Perisher acquisition and for integration-related costs for Park City, a Utah resort Vail bought last year for $183 million.
