Vail Resorts reports third quarter earnings reflecting revenue increase
Vail Resorts reported its third quarter financial earnings Thursday, and while COVID effects linger, profits are up sharply over last year.
Vail Resorts reported more than $372 million in net income for its third fiscal year quarter of the year. That’s almost $100 million more than the same quarter a year ago.
Profits for that period were $9.16 per share, which fell just one cent short of industry expectations. But total revenues were $1.18 billion, which beat Wall Street expectations.
Sales of Vail’s season passes for the 2022-2023 season increased by almost 10 % over the previous year.
Vail reported its earnings after the stock market closed for the day. In after hours trading Thursday afternoon Vail’s stock rose about 4.5 %, which recouped what it had lost earlier in the day.
Vail CEO Kirsten Lynch said the company was pleased with the overall results, and acknowledged challenging early season conditions and season-long problems with staffing and COVID-19 impacts.
Vail is headquartered in Broomfield, Colorado and operates 40 resorts in the U.S., Canada and Australia, and is in the process of acquiring its first European report, Andermatt-Sedrun, in Switzerland.