Mountain resorts operator Vail Resorts (NYSE: MTN) reported its fourth quarter and fiscal year 2019 financial results after the bell today. The company reported a loss of $2.22 per share on revenue of $244 million for the fourth quarter. Analysts had projected Vail Resorts to post a loss of $2.53 share on revenue of $240.09 million. Vail Resorts stock, which closed down 2.49% at $230.27 today, rose about 3% in the extended trading session.
Commenting on the fiscal 2019 results, CEO Rob Katz said, “Our Colorado, Utah and Tahoe resorts experienced strong local and destination visitation, supported by favorable conditions across the western U.S. The Company experienced relative weakness in international visitation throughout the year compared to the prior year, particularly at Whistler Blackcomb.”
For fiscal 2020, Vail Resorts expects earnings attributable to the company to be between $293 million and $353 million. Resort Reported EBITDA for fiscal 2020 is touted to be between $778 million and $818 million. The company expects to incur approximately $20 million of acquisition and integration related expenses in fiscal 2020 related to the acquisitions of Peak Resorts, Falls Creek and Hotham.
Vail Resorts completed the acquisition of Peak Resorts on Tuesday. Through this $265 million deal, Vail Resorts added 17 ski areas to its portfolio and the company now has 37 resorts worldwide.
MTN’s stock price increased 9% so far this year, while dropping 20% from this time last year.
On the heels of lawmakers moving closer to passing the stimulus bill, inflations concerns gripped the market after Federal Reserve chief Jerome Powell at a meeting said the reopening would
Though the retail boom triggered by the pandemic was estimated to be short-lived initially, the shopping spree continued as customers stocked up on essential items, concerned about the persistent market
Shares of Gap Inc. (NYSE: GPS) were up 5.8% in afternoon hours on Friday. The stock has gained 103% over the past 12 months. Gap reported mixed results for the