— Vail Resorts Inc. (NYSE: MTN) reported net income of $206.4 million or $5.04 per share for the second quarter of 2020, compared to $206.3 million or $5.02 per share last year. Analysts had forecast earnings of $5.46 per share.
— Total net revenue increased 8.8% annually to $924.6 million during the three-months period, vs. $953.65 million expected
— Total lift revenue rose 8.2% to $484.3 million in the second quarter, primarily due to an increase in pass product revenue and incremental revenue from Peak Resorts
— There was a 11.4% growth in ski school revenue, aided by incremental revenue from Peak Resorts and increased revenue from the company’s western US resorts and Whistler Blackcomb
— The company did not issue financial guidance for fiscal 2020, in view of the uncertainty surrounding the impact of the coronavirus
— Declared quarterly cash dividend of $1.76 per share during the quarter, which is payable on April 9, 2020, to shareholders of record on March 26, 2020
— Last week, destination skier visits fell below expectations, marking a deterioration from the preceding quarter; management expects the trend to continue and potentially worsen in upcoming weeks
The recent travel restrictions have taken a heavy toll on the tourism industry, leaving almost all destinations deserted. Vail Resorts Inc. (NYSE: MTN), a leading operator of mountain ski resorts,
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