The Madison Square Garden Company (NASDAQ:MSG) reported its results for the first quarter. Madison Square Garden is a fully-integrated sports, entertainment, and media business.
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The Madison Square Garden Company Earnings Cheat Sheet for the First Quarter
Results: Net income for the company was $25.6 million (33 cents per share).
Actual vs. Wall St. Expectations: The Madison Square Garden Company beat the mean analyst estimate of 26 cents per share. It beat the average revenue estimate of $358 million.
Quoting Management: President and CEO Hank Ratner said: “We are pleased with our second quarter financial results, as we generated double-digit AOCF growth while managing our business through the delayed start to the NBA season. Our solid overall results are a reflection of the breadth and strength of our assets and brands across all three of our business segments. In particular, our MSG Entertainment segment was a strong performer for the second quarter, driven by our recent initiatives with respect to the Radio City Christmas Spectacular franchise. Looking ahead, we remain confident in our Company’s long-term growth opportunities due to our unique and valuable content, as well as our expectations for meaningful incremental revenues and AOCF from the Arena Transformation project.”
Key Stats:
The company has now beaten estimates the last two quarters. In the fourth quarter of the last fiscal year, it topped expectations with net income of 28 cents versus a mean estimate of net income of 8 cents per share.
Looking Forward: Over the past sixty days, the outlook for the company’s performance next quarter has become increasingly unfavorable. The average estimate for the second quarter is 31 cents per share, a drop from 39 cents. The average estimate for the fiscal year is 98 cents per share, a rise from 83 cents ninety days ago.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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To contact the reporter on this story: Derek Hoffman at staff.writers@wallstcheatsheet.com
To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com
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