Madison Square Garden Entertainment earnings blew past estimates as revenue growth sharply accelerates.
Madison Square Garden Entertainment (MSGE) crushed earnings estimates for its fiscal fourth quarter early Wednesday, with annual revenue surpassing $1 billion for the first time. MSGE stock broke out past a buy point
The Q4 MSGE earnings report did not include the Taylor Swift and Travis Kelce wedding, which took place on July 3 and falls into the company's current fiscal first quarter.
For the quarter ended June 30, Madison Square Garden Entertainment narrowed its net loss per share to 43 cents from 57 cents a year ago, FactSet shows. Revenue swelled 27%, year over year, to $196.3 million, accelerating sharply from a 2% gain the prior quarter. That took sales for the full year to $1.061 billion, a 13% increase. FactSet **** ysts were expecting a Q4 net loss of 44 cents a share and sales of $166.6 million, though other reports put the sales forecast at $184.7 million.
Operating cash flow more than tripled for the full year, leaving the company with $294.2 million in cash reserves. The company is focused on paying down debt. Surging concert volumes helped to boost cash generation. On the earnings call, MSG Entertainment CFO David Collins said the number of concerts at Madison Square Garden more than doubled in Q4.
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Madison Square Garden Entertainment (MSGE) crushed earnings estimates for its fiscal fourth quarter early Wednesday, with annual revenue surpassing $1 billion for the first time. MSGE stock broke out past a buy point
The Q4 MSGE earnings report did not include the Taylor Swift and Travis Kelce wedding, which took place on July 3 and falls into the company's current fiscal first quarter.
For the quarter ended June 30, Madison Square Garden Entertainment narrowed its net loss per share to 43 cents from 57 cents a year ago, FactSet shows. Revenue swelled 27%, year over year, to $196.3 million, accelerating sharply from a 2% gain the prior quarter. That took sales for the full year to $1.061 billion, a 13% increase. FactSet **** ysts were expecting a Q4 net loss of 44 cents a share and sales of $166.6 million, though other reports put the sales forecast at $184.7 million.
Operating cash flow more than tripled for the full year, leaving the company with $294.2 million in cash reserves. The company is focused on paying down debt. Surging concert volumes helped to boost cash generation. On the earnings call, MSG Entertainment CFO David Collins said the number of concerts at Madison Square Garden more than doubled in Q4.
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