Investing.com -- Shares in Vail Resorts fell by more than 4%, after one of the world's largest ski destination companies posted wider than expected losses for its final quarter of Fiscal Year 2015 on Monday.
Although the Broomfield, Colorado based company saw its revenues surge by nearly 20% from $135.49 to $162.08 million over the quarter, Vail Resorts still reported a net loss of $70.1 million or 1.92 per share for the period. Analysts expected the ski resort to incur losses of $1.88 per share on revenue of $150.47 million. During the same quarter last year, Vail reported a net loss of $75.4 million or $2.08 per share.
The last year has been rife with mergers for the ski destination company, as Vail has acquired a major domestic competitor in the U.S. as well as its first international mountain resort abroad. Last September, Vail acquired one of its top competitors in the Rocky Mountains when it completed a $182.5 million purchase of Park City from Powdr Corporation. Then, in March, Vail continued its expansion with the acquisition of Perisher Ski Resort in New South Wales, Australia, for $136 million (AUD 176.6 million). The purchase gave Vail ownership of the largest, most visited ski resort in Australia.
Earlier this month, a district court judge dismissed Powdr's lawsuit against Vail Resorts, ending a longstanding, dramatic legal battle between the two companies.
"We achieved another year of record-breaking Resort revenue and Resort Reported EBITDA. We are very pleased to complete the year with Resort Reported EBITDA, excluding the non-cash gain on the Park City litigation settlement and Perisher EBITDA, of $342.0 million which was within our original guidance range, despite the impact of challenging conditions in Tahoe throughout the season and in Utah this spring," Vail Resorts CEO Rob Katz said in a statement.
For the Fiscal Year of 2016, Vail Resorts expects to earn resort reported EBITDA between $405 and $430 million.
"We are excited to head into fiscal 2016 with an even stronger network of world-class resorts and very attractive growth opportunities," Katz added. "(Our) transformational plan, one of the most ambitious and impactful investments in U.S. ski industry history, is on schedule and on budget and we are excited to welcome guests to the new Park City this winter, now the largest ski resort in the United States."
Shares in Vail Resorts fell 4.37 or 4.07% to 103.05 on Monday.