Madison Square Garden Sports' Topline Climbs Amid Higher Ticket Sales, Yet Earnings Fall Short
Portfolio Pulse from Anusuya Lahiri
Madison Square Garden Sports Corp (NYSE:MSGS) reported a fiscal third-quarter 2024 revenue of $429.95 million, surpassing Wall Street estimates but fell short on earnings per share at $1.57 against an expected $2.60. Revenue growth of 12% year over year was driven by higher ticket sales, suite revenues, and other related income. Despite this, MSGS shares dropped 1.19% to $184.94. The stock is also part of Invesco S&P SmallCap Utilities & Communication Services ETF (NASDAQ:PSCU) and ETC 6 Meridian Small Cap Equity ETF (NYSE:SIXS).
May 02, 2024 | 4:18 pm
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NEUTRAL IMPACT
MSGS is part of the Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU), potentially impacting its performance.
Given MSGS's inclusion in PSCU, its financial performance can indirectly affect the ETF's value. However, the impact may be diluted due to the diversified nature of ETF holdings.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
MSGS is part of the ETC 6 Meridian Small Cap Equity ETF (SIXS), potentially impacting its performance.
MSGS's financial outcomes, particularly the revenue beat, could have a ripple effect on SIXS due to its inclusion in the ETF. The exact impact is uncertain due to the diversified nature of ETFs.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
MSGS reported higher Q3 revenue but missed EPS estimates, leading to a 1.19% drop in its stock price to $184.94.
The revenue beat indicates strong operational performance, particularly in ticket sales and suite revenues. However, the miss on EPS expectations has negatively impacted investor sentiment, leading to a decrease in stock price.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100