Fewer Concerts Deepends Madison Square Garden Entertainment's Q1 Loss, Eyes Event Growth in FY24
Portfolio Pulse from Anusuya Lahiri
Madison Square Garden Entertainment Corp (NYSE:MSGE) reported a Q1 FY24 revenue decline of 3% YoY to $142.2 million, beating the consensus of $117.2 million. The decrease in event-related revenues was due to fewer concerts held at the company's venues. MSGE reported an adjusted operating loss of $0.7 million compared to income of $11.5 million a year ago. The company reiterated its FY24 guidance and expects a low double-digit percentage increase in events in its bookings business for the fiscal year.
November 07, 2023 | 7:32 pm
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Madison Square Garden Entertainment reported a Q1 FY24 revenue decline, but beat consensus estimates. The company expects an increase in events for FY24, which could potentially boost revenues.
MSGE's Q1 FY24 revenue declined due to fewer concerts, which directly impacts its earnings. However, the company beat consensus estimates, which could be a positive sign for investors. The company's expectation of an increase in events for FY24 could potentially boost its revenues, but the current stock price is trading lower, indicating a negative short-term impact.
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