Shares of Vail Resorts (MTN) are down 8% after the company issued financial results that missed Wall Street targets.
For what was its fiscal third-quarter, Vail Resorts reported earnings per share (EPS) of $9.54 U.S., which missed forecasts of $10 U.S.
Revenue for the quarter was $1.28 billion U.S., which was below the $1.30 billion U.S. expected among analysts.
Vail Resorts owns leading ski and mountain properties around the world, including Whistler Blackcomb in British Columbia.
The company lowered its full-year guidance, saying it expects earnings between $833 million U.S. and $855 million U.S.
Management attributed the poor results and lowered outlook to an unseasonably warm winter that hurt lift ticket sales and vacation bookings at its resorts.
Vail Resorts also recently closed its acquisition of the Crans Montana Resort in Switzerland.
That resort is expected to add net income of $224 million U.S. to $256 million U.S. to Vail Resorts this fiscal year.
Prior to today (June 7), Vail Resorts’ stock had declined 24% in the last 12 months to trade at $193.95 U.S. per share.