Madison Square Garden Beats Profit And Sales Estimates

By Ciara Linnane Markets MarketWatch Pulse

The Madison Square Garden Co. said Friday it had net income of $57.7 million, or $2.39 a share, in its fiscal second quarter to December 31, up from $43.5 million, or $1.74 a share, in the year-earlier quarter. The sports and entertainment venue said revenue rose to $445.2 million from $410.8 million. The FactSet consensus was for EPS of $1.99 and revenue of $440 million. Chief Executive David O"Connor said growth was driven by stregth across the company's entertainment and sports business. "In addition to a strong quarter for our core operations, we took an important step in expanding our live offerings with our purchase of a majority interest in TAO Group, which adds a complementary world-class entertainment dining and hospitality group that generates substantial adjusted operating income, with significant growth potential," he said. Shares were not yet active in premarket trade, but are up 17% in the last 12 months, while the S&P 500 has gained 19%.

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