CORRECTED-Sphere Entertainment Q2 revenue rises 3% on more corporate events, concert residencies
Overview
Sphere Entertainment Q2 revenue rises 3% yr/yr to $282.7 mln
Adjusted operating income for Q2 increases $35.8 mln yr/yr
Sphere segment revenue grows 16% driven by events and residencies
Outlook
Sphere Entertainment progressing with expansion plans
Result Drivers
EVENT REVENUE - Sphere segment revenue increased 16% due to more corporate events and concert residencies
SPHERE EXPERIENCE - Revenue from The Sphere Experience decreased $6.7 mln due to lower average per-show revenues
EXPENSE REDUCTION - Lower selling, general and administrative expenses contributed to improved operating loss
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Revenue |
| $282.70 mln |
|
Q2 Net Income |
| $151.82 mln |
|
Q2 Adjusted Operating Income |
| $61.50 mln |
|
Q2 Operating Expenses |
| -$131.32 mln |
|
Q2 Operating Income |
| -$50.20 mln |
|
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", 2 "hold" and 1 "sell" or "strong sell"
The average consensus recommendation for the entertainment production peer group is "buy"
Wall Street's median 12-month price target for Sphere Entertainment Co is $50.00, about 19.4% above its August 8 closing price of $40.29
Press Release: ID:nBwbWF8y5a
