Vail Resorts (NYSE:MTN) reported Q3 EPS of $9.16, $0.13 better than the analyst estimate of $9.03. Revenue for the quarter came in at $1.18 billion versus the consensus estimate of $1.15 billion.
Updated Outlook:
- Net income attributable to Vail Resorts, Inc. is expected to be between $314 million and $348 million for fiscal 2022.
- Resort Reported EBITDA is expected to be between $828 million and $842 million for fiscal 2022, which includes an estimated $16 million of Resort Reported EBITDA for the Seven Springs Resorts for the period from the transaction closing on December 31, 2021 through the end of the fiscal year, partially offset by $7 million of acquisition and integration related expenses associated with the Seven Springs Resorts transaction and the expected acquisition of Andermatt-Sedrun. Our guidance includes estimated acquisition related expenses specific to the expected acquisition of Andermatt-Sedrun, but does not include any estimate for the closing costs, operating results or integration expense associated with the Andermatt-Sedrun acquisition, which is expected to close later in calendar year 2022.
- Resort EBITDA Margin is expected to be approximately 33.0% in fiscal 2022 at the midpoint of our guidance range.
- In addition to the above, the updated outlook for fiscal year 2022 assumes normal conditions and operations throughout the Australian ski season and North American summer season, both of which begin in our fourth quarter, and no incremental travel or operating restrictions associated with COVID-19 that could negatively impact our results. The guidance also assumes an exchange rate of $0.79 between the Canadian Dollar and U.S. Dollar related to the operations of Whistler Blackcomb in Canada and an exchange rate of $0.74 between the Australian Dollar and U.S. Dollar related to the operations of Perisher, Falls Creek and Hotham in Australia.
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