- Madison Square Garden Entertainment Corp (NYSE:MSGE) reported third-quarter FY23 revenue growth of 3.7% year-on-year to $201.23 million, beating the consensus of $193.99 million.
- This is the first quarter that MSG Entertainment has reported financial results as a separate entity, following its separation from Sphere Entertainment Co. (NYSE:SPHR).
- EPS improved to $0.42 from a loss per share of $0.08 in 3Q22.
- MSGE reported an operating income of $24.7 million (+56% Y/Y) and an adjusted operating income of $38 million (+13% Y/Y).
- Adjusted operating margin expanded by 151 bps to 18.9% for the quarter.
- Operating expenses of $115.1 million (+5% Y/Y) reflect higher expenses associated with the sharing of economics with MSG Sports.
- MSGE’s net cash provided by operating activities year-to-date totaled $132.34 million, versus $60.34 million in 3Q22.
- Madison Square Garden held $122.98 million in cash and equivalents as of March 31, 2023.
- FY23 Guidance: Madison Square Garden sees revenues of $835 million to $845 million, Operating income of $85 million to $95 million, and Adjusted operating income of $145 million to $155 million.
- Price Action: MSGE shares are trading higher by 13.70% at $36.08 on the last check Thursday.
- Photo via Wikimedia Commons
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