Vail Resorts, Inc. (NYSE:MTN) reported upbeat results for its first quarter on Monday.
The company, based in Broomfield, Colorado, revealed a net loss attributable to Vail Resorts, Inc. was $106.5 million for the first fiscal quarter of 2020 compared to $107.8 million in the same period in the prior year.
Fiscal 2020 first-quarter net loss included the after-tax effect of acquisition and integration related expenses of approximately $6.8 million and approximately $1 million of unfavorable foreign exchange as a result of the U.S. dollar strengthening over the prior year compared to the Australian dollar.
First-quarter net loss included the after-tax effect of acquisition and integration related expenses of approximately $4.9 million.
Season pass sales through December 2, 2019 for the upcoming 2019/2020 North American ski season increased approximately 17% in sales dollars (22% in units) as compared to the period in the prior year through December 3, 2018, including Military Pass sales and Peak Resorts pass sales in both periods.
Pass sales are adjusted to eliminate the impact of foreign currency by applying an exchange rate of $0.75 between the Canadian dollar and U.S. dollar in both periods for Whistler Blackcomb pass sales.
Vail reaffirmed its guidance for fiscal year 2020 of $778 million to $818 million of Resort Reported EBITDA.
According to CEO Rob Katz, "Our first fiscal quarter historically operates at a loss, given that our North American mountain resorts are generally not open for ski season operations during the period.
"The quarter's results are primarily driven by winter operating results from our Australian resorts and our North American resorts' summer activities, dining, retail/rental and lodging operations, and administrative expenses."
Shares gained $8.98, or 3.9%, to $239.81
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