Madison Square Garden beats Q1 revenue estimates on more concerts
Overview
US live entertainment venue operator's Q1 revenue rose 37% yr/yr, beating analyst expectations
Adjusted operating income for Q1 beat analyst estimates, rising to $34.3 mln
Company repurchased $25 mln of its shares during the quarter
Outlook
Company expects live entertainment to benefit from healthy demand in fiscal 2027
Company expects robust growth in revenue and adjusted operating income in fiscal 2027
Result Drivers
CONCERT VOLUME AND PRICING - Higher number of concerts at The Garden and increased per-concert revenue drove revenue growth
EVENTS AND SPORTING ACTIVITY - More live entertainment and sporting events, along with higher per-event revenue, contributed to higher sales
FOOD AND BEVERAGE SALES - Increased food and beverage sales at concerts, driven by higher per-concert revenue and more events at The Garden
Company press release:
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q1 Revenue | Beat | $217.10 mln | $208.16 mln (8 Analysts) |
Q1 EPS | $0.19 | ||
Q1 Net Income | $8.91 mln | ||
Q1 Adjusted EBIT | Beat | $34.30 mln | $3.94 mln (7 Analysts) |
Q1 Operating Income | $9.70 mln |
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", 6 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the entertainment production peer group is "buy"
Wall Street's median 12-month price target for Madison Square Garden Entertainment Corp is $93.95, about 18.2% above its November 3 closing price of $79.50
The stock recently traded at 32 times the next 12-month earnings vs. a P/E of 33 three months ago
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)