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Madison Square Garden Sports (New York Stock Exchange: MSGS) on Tuesday posted better-than-expected second-quarter results, helped by strong demand and attendance at the company's namesake stadium.
The company's shares rose as much as 9% to a session high of $213.96 before retreating. and stagnates in New York operations.
“The fourth fiscal quarter results reflected strong demand from fans and partners, as well as the positive impact of four more Knicks and Rangers regular season home games at Madison Square Garden Arena (“The Garden”) and seven more home playoff games, both compared to the same period last year,” the company said in a statement.
“Looking ahead, we remain confident in the strength of our professional sports franchises and believe we are well positioned to generate long-term value for shareholders,” said CEO James Dolan.
Net income for the three months ended June 30 was $25.5 million, compared with a loss of $9.3 million in the same period a year earlier.
On a per-share basis, the New York-based company earned $1.06 each, comfortably beating Wall Street analysts' expectations of 97 cents.
Total net revenue increased 79% to $227.3 million, beating estimates by nearly $60 million.
