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Feb. 7, 2020, 7:19 a.m. EST

Madison Square Garden blows past Q4 earnings estimates

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By Ciara Linnane

The Madison Square Garden Co. /zigman2/quotes/203292767/lastsale MSG +2.24% said Friday it had net income of $94.1 million, or $3.93 a share, in the fourth quarter, up from $81.6 million, or $3.42 a share, in the year-earlier period. Revenue edged down to $628.8 million from $$632.2 million. The FactSet consensus was for EPS of $2.63 and revenue of $583 million. "We are making significant progress in readying our Company for its next chapter as the proposed spin-off of our Entertainment business nears completion and MSG Sphere in Las Vegas continues to take shape," Chief Executive James Dolan said in a statement. The company is expecting the MSG Sphere, an entertainment venue, to open in calendar 2021 and has identified "significant" savings over the initial estimates from its general contractor. Shares rose 1.2% in premarket trade and have gained 5.2% in the last 12 months, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.45% has gained 24%.

/zigman2/quotes/203292767/lastsale
US : U.S.: NYSE
$ 242.15
+5.31 +2.24%
Volume: 379,262
April 9, 2020 4:10p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$5.68 billion
Rev. per Employee
$139,137
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/zigman2/quotes/210599714/realtime
US : S&P US
2,789.82
+39.84 +1.45%
Volume: 4.36B
April 9, 2020 5:15p
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