Mountain resort company Vail Resorts reported positive top and bottom line results for the second quarter. Profit was driven by a one-time tax benefit of about $64.6 million or $1.55 per share, which lifted earnings by 57.9% year-over-year to $235.7 million or $5.67 per share.
The company’s total net revenue for the quarter inched up 1.28% to $734.5 million compared to $724 million a year ago. The company said its resort reported EBITDA increased 1.21% year-over-year to $308.9 million, which includes the operations of Stowe and $1.4 million of acquisition and integration related expenses.
Vail Resorts Board of Directors approved a 40% increase in its quarterly cash dividend to $1.47 per share from $1.053 per share, payable on April 11, 2018.
The company updated its fiscal 2018 guidance range and now expects resort reported EBITDA to be between $607 million and $627 million. Fiscal 2018 real estate reported EBITDA is expected to be between negative $8 million and negative $2 million. Net income attributable to the company is seen between $357 million and $391 million in fiscal 2018.