Vail Resorts Inc. (MTN) reported third-quarter earnings per share of $1.68 that fell well short of last year's $2.24, but was still able to beat the consensus of $1.55 by more than 8%.

However, resort revenue was down 12% while real estate revenue slipped 82%. Skier visits were off 9%. As a result, total revenue declined 21% to $333.5 million.

A 26% increase in 2008-09 season-pass revenue offset the decline partially.

Vail Resorts expects to earn between $41 million and $51 million for the current fiscal year.

The average forecast for the fiscal year ending July 2009 remains steady at $1.20 per share over the past month. Two months ago, the consensus was pegged at $1.13 per share.

Shares of this Zacks #3 Rank ("Hold") is down a little more than 1% this afternoon on lower volume of 336,000 shares, versus the daily average of 385,609.

...