The Madison Square Garden Company Earnings: These Numbers Come in Above Analysts’ Expectations
Although The Madison Square Garden Company ‘s (NASDAQ:MSG) net income fell in the first quarter from a year earlier, profit exceeded analysts’ expectations. Madison Square Garden is a fully-integrated sports, entertainment, and media business.
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The Madison Square Garden Company Earnings Cheat Sheet
Results: Net income for The Madison Square Garden Company fell to $20.6 million (26 cents per share) vs. $21.3 million (28 cents per share) a year earlier. This is a decline of 3.2% from the year-earlier quarter.
Actual vs. Wall St. Expectations: The Madison Square Garden Company beat the mean analyst estimate of 17 cents per share.
Quoting Management: President and CEO Hank Ratner said: “Our Company had a strong start to fiscal 2013, reflecting continued positive momentum across all three of our business segments. We delivered robust first quarter results while also continuing to invest in our businesses to drive long-term growth and create value for our shareholders. With respect to the Transformation project, we have successfully completed the second offseason shutdown of The Garden and The Theater at Madison Square Garden and look forward to unveiling the second phase of the Transformation to our customers and partners at tonight’s Knicks game.”
The company has now topped analyst estimates for the last four quarters. It beat the mark by 15 cents in the fourth quarter of the last fiscal year, by 21 cents in the third quarter of the last fiscal year, and by 6 cents in the second quarter of the last fiscal year.
Looking Forward: Analysts appear increasingly optimistic about the company’s results for the next quarter. The average estimate for the second quarter has moved up from 48 cents a share to 52 cents over the last ninety days. The average estimate for the fiscal year is $1.33 per share, down from $1.38 ninety days ago.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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