Madison Square Garden Reports Higher Profit And Sales

By Ciara LinnaneMarketWatch Pulse

The Madison Square Garden Co. said Thursday it had net income of $43.5 million, or $1.74 a share, in its second fiscal quarter, after $9.6 million, or 39 cents a share, in the year-earlier period. Revenue rose to $410.8 million from $396.8 million. The FactSet consensus was for EPS of $1.09 and revenue of $414 million. The company completed its spinoff from MSG Networks Inc. at the end of September, and the second-quarter numbers are its first as a standalone company. However, the results are presented as the combined results of the sports and entertainment businesses, which were previously consolidated. The numbers do not reflect all of the costs the company would have incurred had it actually been a standalone company, it said in a statement. Shares were not yet active in premarket trade.

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