Madison Square Garden Sports Q2 revenue beats estimates on higher ticket-related sales
Overview
Sports entertainment firm's fiscal Q2 revenue rose 13% yr/yr, beating analyst expectations
Adjusted operating income for fiscal Q2 beat analyst expectations
Revenue growth driven by higher ticket sales and national media rights fees
Outlook
Company did not provide specific guidance for future quarters or fiscal year
Result Drivers
TICKET AND SUITE REVENUES - Increased ticket-related and suite revenues due to more games played and higher per-game revenue
NATIONAL MEDIA RIGHTS - Higher national media rights fees from new NBA agreements boosted league distribution revenues
LOCAL MEDIA RIGHTS FEES - Decrease in local media rights fees due to amendments with MSG Networks
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Revenue | Beat | $403.40 mln | $394.53 mln (7 Analysts) |
Q2 Net Income |
| $8.24 mln |
|
Q2 Adjusted Operating Income | Beat | $29.70 mln | $26.90 mln (6 Analysts) |
Q2 Operating Expenses |
| $311.39 mln |
|
Q2 Operating Income |
| $22.20 mln |
|
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", 4 "hold" and no "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 Madison Square Garden Sports Corp is $265.00, about 7.7% below its February 4 closing price of $287.25
Press Release: ID:nBwb0MPCWa
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