Vail Resorts Stock Down on Q4 Earnings Miss, Revenues Top

Core Viewpoint - Vail Resorts, Inc. reported mixed results for the fourth quarter of fiscal 2024, with earnings missing estimates while revenues exceeded expectations, although they declined year-over-year [1][3]. Financial Performance - The company reported a loss of $4.67 per share, wider than the Zacks Consensus Estimate of a loss of $4.28, compared to a loss of $3.35 in the prior-year quarter [3]. - Quarterly net revenues were $265.4 million, surpassing the consensus mark of $262.4 million, but down 1.6% year-over-year [3]. Segment Results - Mountain Segment: Generated net revenues of $175.9 million, down 2.8% year-over-year, with dining revenues increasing by 1.6% to $18 million, while retail/rental revenues fell by 7.2% to $24.3 million [5]. - Lodging Segment: Total net revenues were $89.4 million, up 0.9% year-over-year, with EBITDA decreasing to $2.8 million from $4.3 million in the prior-year quarter [6]. Operating Results - Consolidated EBITDA loss was $115.9 million, up from $88 million in the year-ago quarter, with total operating expenses reaching $380.9 million compared to $357.8 million previously [8]. Balance Sheet - Cash and cash equivalents totaled $322.8 million as of July 31, 2024, down from $563 million in the prior-year quarter, while net long-term debt decreased slightly to $2.72 billion from $2.75 billion [9]. Fiscal 2024 Highlights - Adjusted earnings per share for fiscal 2024 were $6.07, down from $8.74 in the previous fiscal year, with total net revenues at $2,885.2 million compared to $2,889.4 million in fiscal 2023 [11]. Other Updates - Season-to-date pass product sales dropped approximately 3% in units but increased nearly 3% in sales dollars compared to the prior-year period, attributed to an 8% price increase [12]. - Unit performance remained steady across both destination and local guest segments, with slight growth in Epic Day Pass products supported by strong renewals [13]. Fiscal 2025 Guidance - For fiscal 2025, net income is estimated to be between $224 million and $300 million, with total reported EBITDA expected between $827 million and $889 million [14].