Why Vail Resorts Stock Soared on Wednesday
The return of a leader was the news driving Vail Resorts (NYSE: MTN) stock up toward a peak on Wednesday. The company's share price popped by almost 9% on the day after this development hit the headlines, comparing most favorably to the S&P 500 's (SNPINDEX: ^GSPC) 0.6% decline.
The former and current leader
Just after market close on Tuesday, Vail announced that its onetime CEO Rob Katz is stepping back into that leadership role. In doing so, Katz replaces Kirsten Lynch, who vacated the position but will serve as an advisor to the company for an unspecified transitional period.
Katz was Vail's executive chairperson at the time of his reappointment, and will continue to fill that role. In his first tenure as the company's CEO, he served for 16 years.
In its press release officially announcing the transition, the company quoted the lead independent member of its board of directors Bruce Sewell as saying that Katz "has a strong track record of driving innovation and executing consistent performance at Vail Resorts, and has played a critical role in the development of Vail Resorts' operations and long-term strategy for over the past three decades."
Guidance mostly unchanged
In the release, Vail felt compelled to update its guidance for the entirety of its current fiscal year. It now expects earnings before interest, taxes, depreciation, and amortization (EBITDA) to land at the lower end of its previously stated range of $841 million and $877 million. It did not address its net income forecast, which had been set at $257 million to $309 million for the year.
Although it's always comforting when a familiar executive returns to the CEO chair, naturally his real impact will be reflected in the company's future performance; we'll have to wait and see how Vail performs in the coming quarters to better judge his work.
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