by Christopher Freeburn | August 24, 2012 10:33 am
Madison Square Garden (NASDAQ:MSG) announced on Thursday that it earned $28.6 million during its fiscal fourth quarter, up from $8.5 million in the same period last year.
The operator of New York’s iconic sports and entertainment venue and owner of the NBA’s Knicks and NHL’s Rangers sports teams recorded revenue of $332.9 million, up 42% from 2011. That topped Wall Street’s revenue estimate of $277.1 million, Reuters noted.
EPS for the quarter came in at 37 cents, handily beating analysts’ forecasts of a profit of 22 cents a share.
Shares of Madison Squarer Garden rose more than 5% in Friday morning trading.
Higher ticket sales for Knicks and Rangers games pushed revenue at the company’s sports unit to $131.2 million, up 74% compared to last year.
Its media unit saw revenue increase to $167 million, up 20% from 2011. The company signed a more profitable cable distribution deal with Time Warner Cable (NYSE:TWC) earlier this year.
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