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Madison Square Garden beats  Q1 revenue estimates on more concerts

By Reuters News


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


Reuters Recommended Reads

  • Nov 2 - Ryman Hospitality Q3 revenue beats on group and leisure demand

  • Nov 3 - Cinemark posts record Q3 revenue, net income up 146%

  • Nov 2 - Fox Q1 revenue rises 22%, beats estimates


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(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.)

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