Madison Square Garden Entertainment Q4: Knicks and Rangers Deal Impact Amid Revenue Decline
Portfolio Pulse from Anusuya Lahiri
Madison Square Garden Entertainment Corp (NYSE: MSGE) reported a Q4 FY23 revenue decline of 17% YoY to $147.9 million, beating the consensus of $140.0 million. The decrease in revenues was primarily due to the timing of the NHL 2021-22 regular season and the termination of the company's advertising sales representation agreement with MSG Networks. However, the overall revenue decrease was partially offset by an increase in event-related revenues. For FY24, the company expects revenues of $900 million - $930 million and an adjusted operating income of $160 million - $170 million.
August 18, 2023 | 12:54 pm
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MSGE reported a Q4 FY23 revenue decline of 17% YoY, beating the consensus. The decrease was due to the timing of the NHL season and the termination of an ad agreement with MSG Networks. However, the company expects revenues of $900 million - $930 million for FY24.
Despite the revenue decline, MSGE beat the consensus estimate, which is a positive signal to investors. The company's FY24 revenue guidance is also in line with consensus estimates, indicating that the company expects to maintain its performance. This could lead to a positive short-term impact on the stock.
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