Madison Square Garden beats first-quarter earnings expectations

Madison Square Garden beats first-quarter earnings expectations

The Madison Square Garden Company MSG, +0.28% reported first-quarter earnings on Thursday that beat expectations. The company reported a loss of $32.2 million, or a loss of $1.36 a share, wider than a loss of $11.1 million, or a loss of 47 cents a share, in the year-earlier quarter. The FactSet consensus was for a loss of $1.94 a share. Revenue was $218.1 million, beating the Factset Consensus of $211 million but down from $245.2 million a year ago. Revenue from the company’s entertainment segment fell 1% to $163 million from $164.3 million in the year-ago quarter, while the sports segment dropped 32% to $55.4 million from $80.9 million one year ago. The company chalked up the loss in its sports segment to a change in accounting standards that impacted the timing of local media rights revenue and suite rental fee revenue. Shares of Madison Square Garden have gained 31% in the year to date, while the S&P 500 SPX, +1.09% has gained 1.4%.

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