Vail Resorts (MTN - Get Report) , an operator of ski resort vacation getaways, was rising more than 8% Friday after the company reported second-quarter earnings and revenue that topped Wall Street's expectations.
Vail reported net income of $206.3 million, or $5.02 per share, on revenue of $850 million. Wall Street was expecting the company to report earnings of $4.83 per share on revenue of $842 million.
"We are pleased with our overall results for the quarter, with strong growth in visitation and spending compared to the prior year. In the pre-holiday period, destination guest visitation at our U.S. resorts was less than expected, which we attribute to guest concerns after two prior years of poor pre-holiday conditions," CEO Rob Katz said.
The company reported a 17.2% increase in lift revenue which was fueled by a 27% increase in skier visitation. Lodging revenue rose 16.1% year over year.
However, the company also reiterated that it was lowering its full-year guidance due to the disappointing results from destination visitation in the pre-holiday period.
The company now expects EBITDA to range between $690 million and $710 million, below the low end of its previous guidance range between $718 million and $750 million.
Vail also announced that it was raising its quarterly dividend by 20% to $1.76 per share, payable April 11, to shareholders of record on March 27.
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