Bulletin
Investor Alert

New York Markets Close in:

Market Pulse Archives

May 11, 2020, 6:17 a.m. EDT

MSG Sports swings to loss as pro sports seasons suspended, while revenue falls less than expected

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Madison Square Garden Sports Corp. (MSGS)
  • X
    S&P 500 Index (SPX)

or Cancel Already have a watchlist? Log In

By Tomi Kilgore

Madison Square Garden Sports Corp. /zigman2/quotes/203292767/composite MSGS -3.38% swung to a first-quarter loss on revenue that fell 18%, but topped expectations, as the COVID-19 pandemic led to the suspension of the professional basketball and hockey seasons. The parent of the New York Knicks professional basketball team and the New York Rangers professional hockey team reported a net loss of $118.0 million, or $4.92 a share, after net income of $35.3 million, or $1.48 a share, in the year-ago period, as the pandemic led to significant impairment charges for the Tao Group Hospitality business. The FactSet consensus was for a net earnings per share of 43 cents. Revenue fell to $424.0 million from $517.2 million, as both MSG Sports and MSG Entertainment revenue dropped 18%, but topped the FactSet consensus of $406.8 million. "With the seasons suspended, there is virtually no revenue being recognized, including revenue related to tickets, sponsorship and signage, suites and local media rights," the company said. The stock, which was still inactive in premarket trading, has dropped 20.1% over the past three months while the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.54% has declined 12.8%.

/zigman2/quotes/203292767/composite
US : U.S.: NYSE
$ 153.85
-5.39 -3.38%
Volume: 94,300
Sept. 18, 2020 2:01p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$3.82 billion
Rev. per Employee
$139,137
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
3,305.23
-51.78 -1.54%
Volume: 1.71B
Sept. 18, 2020 2:03p
loading...

This Story has 0 Comments
Be the first to comment
More News In
Industries

Story Conversation

Commenting FAQs »
Link to MarketWatch's Slice.