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.”
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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