Madison Square Garden Entertainment Q2 Net Income Rises; Revenues Up 13%

(RTTNews) - Madison Square Garden Entertainment Corp. (MSGE) reported that its second quarter net income attributable to stockholders increased to $125.3 million from $97.3 million, prior year. Earnings per share was $2.59 compared to $1.88.

Second quarter adjusted operating income increased to $151.0 million from $126.3 million, last year. The company said the increase in adjusted operating income was primarily due to the increase in revenues, partially offset by higher direct operating expenses and, to a lesser extent, higher selling, general and administrative expenses.

Second quarter revenues were $402.7 million, an increase of 13%, as compared to the prior year quarter.

The company increased its fiscal 2024 guidance for revenues, operating income and adjusted operating income. The company currently expects: revenues of $930 million to $950 million; operating income of $95 million to $105 million; and adjusted operating income of $170 million to $180 million.

Shares of Madison Square Garden Entertainment are up 4% in pre-market trade on Wednesday.

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