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The Fund is an actively managed exchange-traded fund (ETF) that invests, under normal circumstances, at least 80 percent of its net assets (plus the amount of any borrowings for investment purposes) in small-capitalization equity securities. Madison Avenue Financial Solutions, LLC, the Funds sub-adviser (the Sub-Adviser), considers small-capitalization companies to be those with market capitalizations within the range of the market capitalization of companies included in the S&P SmallCap 600 Index (dollar 262.97 million to dollar 7.83 billion as of March 1, 2024). Although the Fund invests primarily in small-capitalization securities, the Fund may invest in equity securities of companies of any capitalization. The equity securities in which the Fund invests are mainly common stocks. The Fund also may invest in real estate investment trusts (REITs).

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ETC 6 Meridian Small Cap Equity ETF

Madison,Square,Garden,,New,York,,Usa,-,17,October,,2016:

Earnings

News

Sports

MSGS

PSCU

SIXS

Madison Square Garden Sports reports Q3 2024 revenue of $429.95M, above analyst estimate of $420.74M. Revenue up 12% YoY due to higher ticket, suite, F&amp;B sales, and media fees.

Madison Square Garden Sports&#39; Topline Climbs Amid Higher Ticket Sales, Yet Earnings Fall Short

Madison Square Garden Sports Corp&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSGS#NYSE">MSGS</a>) reported fiscal third-quarter 2024 revenue of $429.95 million, exceeding the Wall Street&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/05/n38578839/madison-square-garden-sports-corp-reports-fiscal-2024-third-quarter-results" rel="noreferrer noopener">analyst estimate of $420.74 million</a>. Revenue grew by 12% year over year.



This increase was primarily due to higher ticket-related revenues, suite revenues, food, beverage and merchandise sales, local media rights fees, and revenues from league distributions.



The New York Knicks basketball team played five more regular-season home games at The Garden arena in the current year than in the prior year.



Quarterly earnings per share totaled $1.57,&nbsp;missing the&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">analyst consensus estimate of $2.60</a>.



Madison Square reported an adjusted operating income of $88.7 million, up by 3% year over year, primarily due to the increase in revenues.&nbsp;



The ticket-related revenues increased by $29.9 million compared to the prior year period, primarily due to the Knicks playing additional games at The Garden and the higher average Knicks and New York Rangers hockey team per-game revenue.



Suite revenues increased by $10.9 million compared to the prior year. Food, beverage, and merchandise sales increased&nbsp;by $4.3&nbsp;million compared to the preceding year&#8217;s period,&nbsp;primarily due to higher average per-game revenue.



Local media rights fees increased by $1.3 million compared to the prior year, primarily due to contractual rate increases.&nbsp;



The company held $44.7 million in cash and equivalents as of March 31, 2024.



Madison Square Garden Sports stock lost 10% in the past 12 months. Investors can gain exposure to the stock via Invesco S&amp;P SmallCap Utilities &amp; Communication Services ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PSCU#NASDAQ">PSCU</a>) and ETC 6 Meridian Small Cap Equity ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SIXS#NYSE">SIXS</a>).



Read Next: <a href="https://www.benzinga.com/economics/macro-economic-events/24/05/38584705/federal-reserve-takes-cautious-stand-on-inflation-powell-signals-preference-for-r">Federal Reserve Takes Cautious Stand On Inflation, Powell Signals Preference For Rate Cuts Over Hikes</a>



MSGS Price Action: Madison Square Garden Sports shares are trading lower by 1.19% to $184.94 on the last check Thursday.



Photo: <a href="https://www.shutterstock.com/g/pabkov">Pabkov</a> via Shutterstock

Madison Square Garden Sports' Topline Climbs Amid Higher Ticket Sales, Yet Earnings Fall Short

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Latest ETC 6 Meridian Small Cap Equity ETF News | ARCA:SIXS | Benzinga

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