Zinger Key Points
- Madison Square Garden Entertainment reports a 13% revenue increase in Q2, driven by higher event-related revenues.
- CEO James L. Dolan cites robust demand for live entertainment, raising fiscal 2024 guidance for revenues.
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Madison Square Garden Entertainment Corp. MSGE shares are trading higher on Wednesday.
The company reported second-quarter revenue of $402.66 million, beating the analyst consensus of $301.83 million. Revenues jumped 13% year over year.
In addition, the company reported an adjusted operating income of $151.0 million, up by $24.7 million from the prior year quarter.
Event-related revenues increased $44.3 million as compared to the prior year period. This primarily reflected an increase in the number of concerts and other live entertainment and sporting events.
Executive Chairman and CEO James L. Dolan said, “We continue to see robust demand for our portfolio of live entertainment offerings, which led to record results for this year’s Christmas Spectacular production.”
Outlook: The company raised its fiscal 2024 guidance for revenues, operating income, and adjusted operating income.
The company currently expects revenues of $930 million-$950 million versus an estimate of $918.1 million (prior view: $900 million-$930 million).
Price Action: MSGE shares are trading higher by 4.61% to $36.19 on the last check Wednesday.
Photo via Wikimedia Commons
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