Madison Square Garden Earnings: Here’s Why Investors are Bidding Up Shares Now
Madison Square Garden (NASDAQ:MSG) delivered a profit and beat Wall Street’s expectations, BUT came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are up 3.45%.
Madison Square Garden Earnings Cheat Sheet
Results: Net income increased 83.06% to $46.9 million (60 cents per diluted share) in the quarter versus a net gain of $25.62 million in the year-earlier quarter.
Revenue: Rose 3.99% to $387.9 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Madison Square Garden, Inc. reported adjusted net income of 60 cents per share. By that measure, the company beat the mean analyst estimate of $0.36. It missed the average revenue estimate of $407 million.
Quoting Management: President and CEO Hank Ratner said: “Our Company delivered strong results in our fiscal second quarter, while navigating through the delayed start of the NHL season and the impact of Hurricane Sandy. The second phase of the Transformation has been enthusiastically received by all of our key customers, including season ticket holders, suite holders and marketing partners, and we now look forward to the successful completion of the final phase of this historic project this upcoming offseason. We remain confident that our Company is well-positioned to drive long-term growth and ongoing value creation for our shareholders.”
Key Stats (on next page)…