By Kimberly Chin
Manchester United PLC /zigman2/quotes/205140601/composite MANU -4.64% reported its latest earnings Tuesday before the market opened. Here's what you need to know:
PROFIT: The Manchester, U.K.-based soccer club parent reported a loss of GBP16.2 million ($21.3 million), compared with a profit of GBP24.3 million from the year-earlier period. On an adjusted basis, Manchester United posted a loss of GBP51 pence a share. Analysts were expecting the company to report a loss of GBP66 pence a share, according to a Thomson Reuters poll.
REVENUE: Revenue fell 16% to GBP147.6 million from the year prior, above the GBP141.9 million estimated from analysts polled by Thomson Reuters. Manchester United said that sales in its commercial, broadcasting and matchday segments all rose for the quarter.
COMMENT: "Our increased revenue expectation for the year demonstrates our continued strong long-term financial performance which underpins everything we do and allows us to compete for top talent in an increasingly competitive transfer market," Ed Woodward, Executive Vice Chairman in prepared remarks.
STOCK: Manchester United's shares, which trade in the New York Stock Exchange, were flat in premarket trading. The stock has gained 20.7% for the year.
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