Madison Square Garden Earnings: MSG Stock Drops 2% on Mixed Q2 Results

Madison Square Garden (NYSE:MSG) earnings for the venue company’s fiscal second quarter of 2020 have MSG stock falling on Friday. This comes after reporting diluted earnings per share of $3.93 on revenue of $628.81 million. Those are mixed results next to Wall Street’s estimates of $2.63 per share and revenue of $635.93 million.

Madison Square Garden Earnings: MSG Stock Drops 2% on Mixed Q2 Results
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Here’s what else is worth noting from the most recent Madison Square Garden earnings report.

  • Diluted per-share earnings are up 14.91% from $3.42 during the same period of the year prior.
  • Revenue for the quarter comes in less than 1% lower compared to $632.19 million in fiscal Q2 2019.
  • Operating income of $80.84 million is a 3.27% jump YoY from $78.28 million.
  • The Madison Square Garden earnings report also includes a net income of $92.35 million.
  • This is a 21.56% increase over the company’s net income of $75.97 million from the same time last year.

James Dolan, Executive Chairman and CEO of Madison Square Garden, says this about the MSG stock earnings:

“We are making significant progress in readying our Company for its next chapter as the proposed spin-off of our Entertainment business nears completion and MSG Sphere in Las Vegas continues to take shape.  We remain confident that the execution of these strategic priorities, coupled with the ongoing strength of our underlying businesses, will set the stage for continued growth and long-term value creation for our shareholders.”

MSG stock was down at least 2% during Friday’s market session.

As of this writing, William White did not hold a position in any of the aforementioned securities.


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