The Madison Square Garden Co. Earnings Cheat Sheet: Beats Estimates

The Madison Square Garden Company (NASDAQ:MSG) reported net income above Wall Street’s expectations for the second 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 Second Quarter

Results: Net income for The Madison Square Garden Company rose to $21.3 million (28 cents per share) vs. $19.3 million (25 cents per share) in the same quarter a year earlier.

Revenue: Fell 6.9% to $177.6 million from the year earlier quarter.

Actual vs. Wall St. Expectations: MSG beat the mean analyst estimate of 8 cents per share. It beat the average revenue estimate of $173.9 million.

Quoting Management: President and CEO Hank Ratner said: “We generated solid AOCF growth in the first quarter of our new fiscal year, as we successfully managed our business through the offseason shutdown of The Garden and the Theater at Madison Square Garden. We re-opened The Garden on schedule in late October and are pleased with the progress we have made on all fronts with respect to the Transformation project. We remain focused on our company’s business objectives and are confident in our ability to drive long-term growth.”

Key Stats:

The company topped expectations last quarter after falling short of forecasts in the first quarter with net income of 11 cents versus a mean estimate of net income of 12 cents per share.

Looking Forward: Analysts appear increasingly negative about the company’s results for the next quarter. The average estimate for the third quarter has moved down from 58 cents a share to 44 cents over the last ninety days. For the fiscal year, the average estimate has moved down from 75 cents a share to 69 cents over the last seven days.

Competitors to Watch: Rentrak Corporation (NASDAQ:RENT), Image Entertainment, Inc. (DISK), Discovery Communications Inc. (NASDAQ:DISCA), Odyssey Pictures Corp. (OPIX), Bona Film Group Ltd (NASDAQ:BONA), CBS Corporation (NYSE:CBS), Liberty Media Corp (NASDAQ:LINTA), The Walt Disney Company (NYSE:DIS), and Scorpio East Holdings Ltd. (SEHL).

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(Source: Xignite Financials)