Photo Credit: Ibrahim Rifath
Madison Square Garden Entertainment celebrates one year as a standalone public company with revenues over 26% higher this quarter.
Madison Square Garden Entertainment (MSGE) has been a standalone public company for a year now, and its recently posted quarterly financials show just how well the company is doing financially. MSGE reported quarterly earnings of $1.41 per share, beating estimates of a loss of $0.57 per share — which compares to a loss of $0.47 per share last year.
Last quarter, it was anticipated that MSG would post earnings of $0.05 per share, but the company produced earnings of $0.06, a 20% increase. MSG Entertainment posted revenues of $186.07 million for the quarter ended June 2024, surpassing Zacks Consensus Estimates by 7.29%. That compares to last year revenues of $147.94 million. The company, which belongs to Zacks Media Conglomerates, has surpassed consensus estimates three times over the last four quarters.
The company reported revenues for fiscal 2024 of $959.3 million, an increase of $107.8 million, or 13% compared to the prior year. Further, the company reported an operating income of $111.9 million, an increase of $6.9 million, and adjusted operating income of $211.5 million, an increase of $9.9 million, both compared to the prior year.
For the fourth quarter, MSG reported revenues of $186.1 million, an increase of $38.1 million, or 26%, as compared to the same quarter last year. In addition, the company reported an operating loss of $8.9 million and adjusted operating income of $13.1 million, representing improvements of $12.9 million and $12.4 million, respectively, in the same quarter the prior year.
“We delivered strong financial results in our first full year as a standalone entertainment company,” said Executive Chairman and CEO James L. Dolan. “Looking ahead, we believe our company — with its unique portfolio of live entertainment offerings — is well positioned to generate robust adjusted operating income growth in fiscal 2025.”
During the year, the company hosted approximately 6.3 million guests at over 960 events, reflecting robust growth in the number of events in the company’s bookings business, as well as regular season and playoff games at The Garden for both the Knicks and the Rangers.
