BROOMFIELD, Colo. - Vail Resorts, Inc. (NYSE:MTN) announced its financial results for the second quarter of fiscal year 2024, which concluded on January 31, 2024. The company reported a net income of $219.3 million, a rise from the previous year's $208.7 million during the same period. Resort Reported EBITDA also saw an increase to $425.0 million compared to the prior year's $394.8 million.
Despite a 9.7% drop in skier visits, the company's total lift revenue grew by 2.6% through March 3, 2024. Ski school revenue improved by 5.5%, while dining revenue slightly decreased by 0.5%. Retail and rental revenue for North American resort and ski area store locations fell by 9.3%.
Vail Resorts CEO Kirsten Lynch commented on the resilience of the company's business model in the face of unfavorable conditions, including significantly lower snowfall at western North American resorts and variable temperatures at Eastern U.S. resorts. The company attributes the EBITDA increase primarily to the stability created by season pass results and disciplined cost management.
The company also announced an 8% increase in its quarterly cash dividend to $2.22 per share, payable on April 11, 2024, to shareholders of record as of March 28, 2024.
Looking ahead, Vail Resorts has updated its fiscal year 2024 guidance, now expecting net income to be between $270 million and $325 million and Resort Reported EBITDA to be between $849 million and $885 million. This includes an estimated $4 million of acquisition-related expenses specific to the Crans-Montana resort.
The company has also detailed its capital expenditure plans for calendar year 2024, focusing on enhancing guest experiences and investing in technology and infrastructure to support the launch of My Epic Gear for the 2024/2025 winter season.
Vail Resorts' commitment to returning capital to shareholders remains strong, as reflected in the increased dividend and the company's approach to share repurchases.
This report is based on a press release statement from Vail Resorts, Inc.
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