MSG Entertainment Posts Surprise Profit as Event and Game-Related Revenues Jump [Yahoo! Finance]
Sphere Entertainment Co. Class A (SPHR)
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Source: Yahoo! Finance
The owner of Madison Square Garden benefited from more concerts and the Knicks and Rangers both making the playoffs. The news sent shares higher Friday. Shares of Madison Square Garden Entertainment ( MSGE ) hit an all-time high Friday as the New York-based company reported a surprise fourth-quarter profit on higher revenue from events and purchases by fans of the city's sports teams. The owner of the Madison Square Garden arena and Radio City Music Hall posted fiscal 2024 fourth-quarter earnings per share (EPS) of $1.41, while the average estimate of analysts surveyed by Visible Alpha was for a loss of $0.52. Revenue rose 26% year-over-year to $186.1 million, also beating forecasts. Revenue from entertainment offerings was up 20% to $142.9 million, boosted by an increase in the number of concerts performed, suite license fees, and venue sponsorship, signage, and license fees. Food, beverage, and merchandise sales jumped 48% to $34.7 million, helped by more games at Madison S
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