Vail Resorts, Inc. MTN reported fourth-quarter fiscal 2021 results, with the top and the bottom line beating the Zacks Consensus Estimate for the third straight quarter. Moreover, the metrics improved year over year.Rob Katz, chief executive officer, stated, “Results continued to improve as the 2020/2021 North American ski season progressed, primarily as a result of stronger destination visitation at our Colorado and Utah resorts.”In the quarter under review, the company reported a loss of $3.49 per share, narrower than the Zacks Consensus Estimate of a loss of $3.64. In the prior-year quarter, the company had reported a loss of $3.82 per share.Quarterly revenues were $204.2 million, which surpassed the consensus mark of $177 million. Moreover, the top line rose 164.5% on a year-over-year basis. The upside was due to robust performance by the Mountain and Lodging segments. The company stated that robust demand across its North American summer operations during the fourth quarter surpassed the company’s expectation.Vail Resorts, Inc. Price, Consensus and EPS Surprise Vail Resorts, Inc. price-consensus-eps-surprise-chart | Vail Resorts, Inc. Quote Segment ResultsVail Resorts reports through two segments — Mountain and Lodging.The Mountain segment generated revenues of $124.5 million in the quarter under review, up 155.4% year over year. The increase can be attributed to 189.6% rise in lift revenues. Ski school and retail/rental revenue rose 318.5% and 130.4%, respectively. Dining revenues in the quarter surged 469.7%.The segment’s EBITDA amounted to ($103.8) million compared with ($94.4) million reported in the prior-year quarter. Operating expenses in the Mountain segment totaled $228.8 million, up 59.4% year over year.Lodging net revenues in the reported quarter were $79.3 million, up 179.3% year over year primarily due to robust dining revenues. Under the segment, EBITDA increased to $5 million from the prior-year quarter’s figure of ($8.2) million.Operating expenses in the Lodging segment increased 103.1% year over year to $74.3 million.Operating ResultsVail Resorts reported adjusted EBITDA of ($99.9) million in the quarter compared with ($103.8) million reported in the prior-year quarter. Resort operating expenses totaled $303.2 million, up 67.8% year over year.Balance SheetCash and cash equivalents as of Jul 31, 2021, totaled $1,244 million, up from $391 million in the year-ago period.Net long-term debt amounted to $2,736.2 million at the end of the quarter, up from $2,387.1 million at the end of the prior-year quarter.As of Jul 31, 2021, the company had total cash and revolver availability of approximately $1.9 billion. This includes $1.2-billion cash in hand, $418 million of U.S. revolver availability under the Vail Holdings Credit Agreement and $195 million of revolver availability under the Whistler Credit Agreement.Fiscal 2022 GuidanceThe company provided outlook for fiscal 2022. In fiscal 2022, the company anticipates net income in the range of $278-$349 million. Resorts reported EBITDA is expected in the range of $785-$835 million. Resorts reported EBITDA margin is anticipated to be nearly 32.1%, using the midpoint of the guidance.Vail Resorts has a Zacks Rank #3 (Hold).Top Leisure PicksBluegreen Vacations Holding Corporation BVH has a projected 2021 earnings growth rate of 172% and a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.RCI Hospitality Holdings, Inc. RICK sports a Zacks Rank #1 and has a projected long-term earnings growth rate of 12%.SeaWorld Entertainment, Inc. SEAS sports a Zacks Rank #1. Its bottom line has outperformed the Zacks Consensus Estimate in the trailing three quarters. Time to Invest in Legal Marijuana If you’re looking for big gains, there couldn’t be a better time to get in on a young industry primed to skyrocket from $17.7 billion back in 2019 to an expected $73.6 billion by 2027. After a clean sweep of 6 election referendums in 5 states, pot is now legal in 36 states plus D.C. Federal legalization is expected soon and that could be a still greater bonanza for investors. Even before the latest wave of legalization, Zacks Investment Research has recommended pot stocks that have shot up as high as +285.9%. You’re invited to check out Zacks’ Marijuana Moneymakers: An Investor’s Guide. It features a timely Watch List of pot stocks and ETFs with exceptional growth potential.Today, Download Marijuana Moneymakers FREE >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report RCI Hospitality Holdings, Inc. (RICK): Free Stock Analysis Report SeaWorld Entertainment, Inc. (SEAS): Free Stock Analysis Report Vail Resorts, Inc. (MTN): Free Stock Analysis Report Bluegreen Vacations Holding Corporation (BVH): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research