Vail Resorts trimmed its fiscal‑year profit outlook on Monday, citing a string of abnormally warm winters across the western United States that have slashed skier traffic. The operator now projects net income of $128 million to $162 million, a downgrade from the earlier $144 million‑$190 million range. The revision follows a February update that already trimmed the top end, and analysts on FactSet had been looking for about $166 million.

Chief executive Rob Katz said the recent quarter saw “extremely unfavorable” weather, especially at Vail’s Rocky‑Mountain resorts, where snow deficits forced many runs to close early. Revenue fell as lift ticket sales and on‑mountain spending contracted, while visits dropped sharply. The 2024 capital budget, earmarked for lift upgrades, may shift toward snow‑making.

Shares significantly slipped 4.7% to $130.80 in after‑hours trading, underscoring investor anxiety that climate variability could erode the high‑margin winter business model. The profit guide now sits below consensus, squeezing the stock’s valuation multiples. Analysts cut price targets, citing the widened earnings gap and heightened weather risk. Vail Resorts must accelerate diversification—such as expanding summer activities or upgrading snow‑making infrastructure—to protect earnings.