Madison Square Garden Earnings: Here’s Why Investors are Happy Now
Madison Square Garden, Inc. (NASDAQ:MSG) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 4.19%.
Madison Square Garden, Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 27.03% to $0.47 in the quarter versus EPS of $0.37 in the year-earlier quarter.
Revenue: Rose 1.05% to $336.4 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Madison Square Garden, Inc. reported adjusted EPS income of $0.47 per share. By that measure, the company beat the mean analyst estimate of $0.3. It beat the average revenue estimate of $324.18 million.
Quoting Management: President and CEO Hank Ratner said: “We concluded fiscal 2013 with a solid fourth quarter, capping off another record year of revenues and adjusted operating cash flow for our company, as we continue to benefit from the combined strength of our fully integrated media, entertainment and sports business. This fall, we will reach one of the most important moments in Madison Square Garden’s history as we debut a completely transformed arena that will continue to deliver multiple benefits for our company. This will be followed early next calendar year with the re-opening of a revitalized Forum arena, which will mark the company’s venue expansion to the West Coast. This is an exciting time for our company and, looking ahead, we feel confident that the successful completion of these significant capital investments, along with our strong balance sheet, will leave us well positioned to pursue opportunities to drive continued growth over the long-term.”
Key Stats (on next page)…