Vail Resort Stock Climbs 3% As Earnings Blow Past Estimates, Company Raises Dividend By 30%
Shares of ski operator Vail Resorts Inc. rose 3% in premarket trade Friday, after the company blew past earnings estimates for its latest quarter and said it is raising its dividend. Vail said it had net income of $149.2 million, or $3.63 a share, in its fiscal fourth quarter to end January, up from $116.9 million, or $3.14 a share, in the year-earlier period. Revenue rose to $725.2 million from $599.4 million. The FactSet consensus was for EPS of $3.40 and revenue of $709 million. "We had strong results during the holidays and the month of January despite a slower start to the season at our U.S. resorts resulting from below average early season conditions," Chief Executive Rob Katz said in a statement. The company said its board has approved a 30% increase in its quarterly dividend to $1.053 per share, payable April 13 to shareholders of record as of March 29.
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