MSG Q1 Beats The Street - Pollstar News

Madison Square Garden’s net income rose 16 percent in its first fiscal quarter and revenue, driven by media and sports, topped Wall Street expectations.

In financial reports released Nov. 1, the company announced media revenue improved because of higher affiliation rates as well as greater ad sales for the company’s Fuse music network.

Photo: AP Photo

The media tours the renovated Madison Square Garden in New York Oct. 24. The $1 billion in improvements include luxury suites, premium seating and two bridges above the seating bowl.

Sports revenue rose on higher suite rental fees and league distributions.

That made up for reduced revenue from Radio City Music Hall, which did not have an extended-run theatrical production during the quarter.

Net income grew to $23.9 million, or 31 cents per share, from $20.6 million, or 26 cents per share a year ago.

Revenue rose 6 percent, to $215.6 million, from $204.2 million. Analysts expected the company to report net income of 21 cents per share and $212.5 million in revenue, according to FactSet.

MSG’s fiscal first quarter ended Sept. 30.