Fewer Knicks and Rangers Games - Madison Square Garden Sports Revenue and Bottomline Hit in Q4

Madison Square Garden Sports Corp MSGS reported a fourth-quarter FY23 revenue decline of 28% year-on-year to $126.9 million, beating the consensus of $123.8 million. 

The decrease in revenues was primarily due to fewer Knicks and Rangers regular season and playoff home games, as compared to the prior year period. EPS loss of $(0.39) missed the consensus loss of $(0.14).

Pre/regular season ticket-related revenues decreased by $19.4 million Y/Y. Playoff-related revenues decreased by $8.6 million Y/Y, and Suite revenues declined by $7.7 million Y/Y.

Sponsorship and signage revenues slipped by $5.3 million Y/Y. League distributions decreased by $3.5 million Y/Y, and Local media rights fees declined by $1.9 million Y/Y.

MSGE reported an adjusted operating loss of $(7.8) million versus a profit of $29.5 million last year.

Madison Square Garden held $40.5 million in cash and equivalents.

Madison Square Garden Sports Corp. Executive Chairman James L. Dolan said, "Our strong financial results in fiscal 2023 reflect the robust ongoing demand from our fans and corporate partners for the Knicks and Rangers."

Price Action: MSGS shares are trading lower by 8.74% at $187.63 on the last check Thursday.