: Vail Resorts lowers guidance as winter storms battered both U.S. coasts

Vail Resorts Inc. MTN stock fell more than 4% in the extended session Thursday after the company reported mixed fiscal second-quarter earnings and lowered its guidance due to “significant weather disruptions” on both coasts. Vail earned $208.7 million, or $5.16 a share, in the quarter, compared with $223.4 million, or $5.47 a share,  in the same period a year ago. Revenue rose to $1.1 billion, from $907 million a year ago. FactSet consensus called for EPS of $6.11 on sales of $1.07 billion for the company. Vail to said that its western U.S. resorts were hit by airline-travel disruptions at the peak holiday period as well as severe snowstorms in the Lake Tahoe, Calif., area. Extreme weather also affected Vail’s resorts on the East Coast, the company said. “While we continue to expect strong demand from destination guests at our western North American resorts for the remainder of the season, we are lowering our guidance for fiscal 2023, primarily due to the significant weather disruptions at our Eastern U.S. resorts throughout the season-to-date period, as well as continued significant snowstorm disruptions at our Tahoe resorts,” Vail Chief Executive Kirsten Lynch said in as statement. The company guided for fiscal 2023 profit between $282 million and $328 million, saying that “there continues to be uncertainty around the economic outlook and the impact that may have on travel and consumer behavior.” Shares of Vail ended the regular trading day down 2.3%.

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