The Madison Square Garden Co. (MSG) Friday reported an increase in third-quarter profit, as the entertainment company benefited from growth at its media unit, partly offset by a decline at sports business. Earnings and revenues for the quarter topped Wall Street estimates.
New York-based Madison Square Garden reported third-quarter net income of $38.4 million or $0.49 per share, compared to $31 million or $0.40 per share last year.
On average, 8 analysts polled by Thomson Reuters estimated earnings of $0.33 per share for the quarter. Analysts' estimates typically exclude one-time items.
Revenues for the quarter grew 3 percent to $412.4 million from $400.4 million a year ago. Analysts had a consensus revenue estimate of $405.11 million for the quarter.
Results were helped by MSG media, where revenues climbed 11 percent from a year ago, with operating income at the segment surging 53 percent.
Revenues at Sports unit fell 4 percent, as NHL teams, whose games are telecast on MSG Networks, played fewer regular season away games compared to last year, as well as fewer NBA games.
Revenues at its smaller business of Entertainment edged up 3 percent.
The company said that its capital investment, long-term NBA and NHL collective bargaining agreements, and increasing affiliation fee revenue base augur well for future growth.
The company's stock is trading at $61.56, up 1.75%, on a volume of 480 thousand shares on the Nasdaq.
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