Investing.com -- Vail Resorts Inc (NYSE: MTN ) stock dipped after it missed on both revenue and earnings per share expectations.
The resort operator reported earnings per share of $8.18 on revenue of $1.24 billion. Vail Resorts was expected to report earnings per share of $8.81 on revenue of $1.27B.
The company said it expects net income for 2023 attributable to Vail Resorts to be between $251 million and $283M, and Resort reported earnings before interest, taxes, depreciation and amortization to be between $837M and $853M.
CEO Kirsten Lynch said they were pleased with the overall results for the quarter and the 2022-2023 North American ski season, citing strong growth in visits and spending versus the prior year. After weather disruptions in the second quarter, results for March and April improved and helped drive resort net revenue above prior year record levels, she said.
Favorable conditions helped extend the season at its resorts in Utah, Nevada and the Northeastern U.S.
Lynch said the company remains “focused on returning capital to shareholders.” It bought 1.8M shares in the quarter, or about $400M.
Shares slid 3% on Thursday after the closing bell. They are up 8% so far this year.
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