NEW YORK - Madison Square (NYSE:SQ) Garden Sports Corp. (NYSE:MSGS) reported a narrower-than-expected loss and beat revenue estimates for its fiscal first quarter, sending shares up 1% in early trading.
The sports and entertainment company posted a loss of $0.31 per share for the quarter ended September 30, 2024, compared to analyst expectations for a loss of $0.86 per share. Revenue came in at $53.3 million, surpassing the consensus estimate of $43.71 million and rising 24% YoY from $43.0 million.
The revenue increase was primarily driven by $9.7 million in higher revenues from certain league distributions unrelated to national media rights fees.
"The new fiscal year already includes several operational highlights across our key revenue categories, including in ticketing, sponsorships and suites," said James L. Dolan, Executive Chairman and CEO. "We look forward to continuing this momentum through the Knicks' and Rangers' seasons and remain confident that we are well-positioned to generate long-term shareholder value."
The company reported an operating loss of $8.3 million, an improvement of $6.6 million or 44% compared to the prior year period. Adjusted operating loss was $2.3 million, improving by $7.7 million or 77%.
Madison Square Garden Sports noted that the combined average season ticket renewal rate for the New York Knicks and New York Rangers is approximately 97% for the 2024-25 seasons.
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