Madison Square Garden Sports Reports Smaller-than-Expected Loss and Surpasses Revenue Forecasts

NEW YORK - Madison Square Garden Sports Corp. (NYSE:MSGS) reported a smaller-than-expected loss in its first fiscal quarter and exceeded revenue forecasts. Following this development, the company's shares rose by 1% in early trading.

The sports and entertainment company reported a loss of $0.31 per share for the quarter ending September 30, 2024. This figure was below analysts' expectations of a loss of $0.86 per share. Revenue reached $53.3 million, surpassing the consensus estimate of $43.71 million and marking a 24% increase from $43.0 million in the same period last year.

The increase in revenue was primarily due to $9.7 million in higher income derived from specific league distributions unrelated to national media rights fees.

CEO James L. Dolan stated, "The new fiscal year includes many operational highlights in our key revenue categories, including ticketing, sponsorships, and suites. We look forward to maintaining this momentum throughout the Knicks and Rangers seasons and are confident that we are well-positioned to create long-term shareholder value."

The company reported an operating loss of $8.3 million, reflecting an improvement of $6.6 million or 44% compared to the same period last year. The adjusted operating loss was $2.3 million, showing an improvement of $7.7 million or 77%.

Madison Square Garden Sports noted that the combined average season ticket renewal rate for the New York Knicks and New York Rangers for the 2024-25 seasons is approximately 97%.