Madison Square Garden Sports Turns To Profit In Q4; EPS, Revenues Beat Market; Stock Up

(RTTNews) - Madison Square Garden Sports Corp. (MSGS), a professional sports company, reported Tuesday that its fourth-quarter net income attributable to stockholders was $25.49 million, compared to last year's loss of $9.26 million.

Earnings per share were $1.06, compared to loss of $0.39 per share in the prior year.

Analysts on average expected the company to report earnings of $0.38 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company had operating income of $52.3 million and adjusted operating income of $56.5 million, as compared to prior year's operating loss of $12.2 million and adjusted operating loss of $7.8 million.

The improvement primarily reflected increase in revenues, partially offset by higher operating expenses.

For the quarter, the company reported revenues of $227.3 million, an increase of 79 percent from last year's $126.92 million. The Street was looking for revenues of $167.57 million for the quarter.

The increase was primarily due to higher playoff-related revenues, regular season ticket-related revenues, suite revenues, sponsorship and signage revenues, and revenues from league distributions.

Madison Square Executive Chairman and CEO James Dolan said, "Our Company delivered record financial results in fiscal 2024, driven by robust demand for the Knicks and the Rangers, as both teams had successful regular seasons which led to playoff runs. Looking ahead, we remain confident in the strength of our professional sports franchises..."

In pre-market activity on the NYSE, Madison Square shares were gaining around 5.6 percent to trade at $206.82.

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