- Madison Square Garden Entertainment Corp MSGE reported second-quarter FY23 revenue growth of 24% year-on-year to $642.2 million, beating the consensus of $601.5 million.
- Tao Group Hospitality segment generated revenues of $136 million, up 16% Y/Y. MSG Networks generated total revenues of $158.9 million, down 1% Y/Y.
- Entertainment segment revenues surged 44% Y/Y to $356.5 million.
- Total adjusted operating income was $124.1 million, up 63% Y/Y. Adjusted EPS of $2.34 beat the consensus of $1.14.
- Madison Square Garden held $553.7 million in cash and equivalents.
- Executive Chairman and CEO James L. Dolan said, "Our fiscal second quarter results reflect ongoing operating momentum across our portfolio of live experiences. With our proposed spin-off expected to be completed by the end of March, and the anticipated opening of MSG Sphere in Las Vegas in September, we remain confident that the Company is well-positioned to drive long-term shareholder value."
- In addition, the company has implemented a cost reduction program after completing a comprehensive strategic review of its businesses and identifying several efficiencies in the Entertainment and MSG Networks segments. This included targeted headcount reductions, which resulted in a total Company restructuring charge of $13.7 million in the fiscal 2023 second quarter, and other non-labor related cost-saving initiatives.
- Also Read: Elon Musk's Favorite Soccer Team And MSGS-Owned NBA/NHL Teams Could Be Up For Sale: Two Public Sports Team Stocks Investors Should Know About
- Price Action: MSGE shares traded higher by 8.05% at $57.65 on the last check Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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