Madison Square Garden Profit And Sales Rise Above Expectations

By Tomi KilgoreMarketWatch Pulse

Madison Square Garden Co. reported Thursday a fiscal fourth-quarter profit that rose to $45.7 million, or 60 cents a share, from $11.6 million, or 15 cents a share, in the same period a year ago, beating the FactSet consensus earnings-per-share estimate of 38 cents. Revenue increased to $387.9 million from $371.7 million, well above the FactSet consensus of $360 million, as better-than-expected revenue from the company's sports and entertainment divisions offset a slight miss from its media division. "We have made significant progress with respect to the proposed spin-off of our sports and entertainment businesses from our media business, and remain confident that this transaction will set the stage for continued growth and value creation," said Chief Executive David O'Connor. The stock, which was indicated up nearly 3% in premarket trade, has gained 1.5% year to date through Wednesday, while the S&P 500 has edged up 1%.

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