Madison Square Garden Entertainment Clocked 115% Revenue Growth In Q3, Takes $14.7M Restructuring Charge Hit

Madison Square Garden Entertainment Corp MSGE reported third-quarter FY22 revenue growth of 115% year-on-year to $460.1 million, beating the consensus of $441.6 million.
Tao Group Hospitality segment generated revenues of $108.6 million versus $12.8 million last year. MSG Networks generated total revenues of $167.6 million, down 6% Y/Y.
Entertainment segment revenues surged from $31 million Y/Y to $194.6 million.
MSGE took a $14.7 million hit as restructuring charges.
The adjusted operating income was $46.5 million, up 122% Y/Y. EPS loss of $(0.51) missed the consensus of $0.04.
Madison Square Garden held $1 billion in cash and equivalents at Q3 end versus $1.63 billion in the prior-year period.
The fiscal 2022 third quarter reflected ongoing momentum in the Company's live entertainment businesses.
Price Action: MSGE shares traded lower by 8.43% at $63.46 on the last check Monday.

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