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Madison Square Garden Entertainment Corp (NYSE:MSGE) reported a first-quarter FY24 revenue decline of 3% year-on-year to $142.2 million, beating the consensus of $117.2 million. EPS loss of $(0.73) beat the consensus loss of $(1.90).
Event-related revenues decreased $8.3 million as compared to the prior year period due to the lower number of concerts held at the company's venues.
The direct operating expenses of $101.7 million remained firm year-over-year. The selling, general, and administrative expenses of $48.8 million increased 22%.
MSGE reported an adjusted operating loss of $0.7 million compared to income of $11.5 million a year ago.
Madison Square Garden held $39.5 million in cash and equivalents.
The Q1 marked the start of MSG Entertainment's first full fiscal year as a standalone public company.
The company continues to see its bookings calendar for the remainder of FY24 fill up and remains on track to achieve a low double-digit percentage increase in events in its bookings business for the fiscal year.
In October, the New York Knicks and New York Rangers returned to the Madison Square Garden Arena for the start of their 2023-24 regular seasons.
FY24 Guidance: Madison Square Garden reiterated revenues of $900 million - $930 million vs. consensus of $914.36 million and adjusted operating income of $160 million - $170 million.
Price Action: MSGE shares are trading lower by 7.04% at $28.38 on the last check Tuesday.
Posted In: MSGE
