We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Madison Square (MSG) Reports Narrower-Than-Expected Q1 Loss
Read MoreHide Full Article
The Madison Square Garden Company reported better-than-expected results in the first quarter of fiscal 2019. The company reported narrower-than-expected loss and its revenues surpassed the Zacks Consensus Estimate.
Madison Square incurred adjusted loss per share of $1.36, wider than the consensus estimate of loss of $1.87. In the prior-year quarter, the company incurred loss of 47 cents per share.
Net revenues were $218.1 million, which surpassed the consensus mark of $208 million by 4.8% but fell 11% year over year.
The Madison Square Garden Company Price, Consensus and EPS Surprise
Madison Square operates under two segments — MSG Sports and MSG Entertainment.
In the quarter under review, revenues from Madison Square’s Entertainment segment totaled $163 million, down 1% year over year. The downside was due to lower overall event-related revenues at the company's venues and lesser suite rental fee revenues. The fall in revenues was partially offset by increased revenues from TAO Group, higher sponsorship, and signage and inclusion of Obscura Digital results.
The segment’s operating income came in at $1.7 million, down from $8.4 million in the prior-year quarter. The decrease in operating income was due to higher selling, general and administrative expenses, and increased direct operating expenses coupled with lower revenues.
Revenues from the Sports segment declined 32% to $55.4 million. The downside can be attributed to the timing of local media rights revenues from MSG Networks Inc. as well as lower suite rental fee revenues. However, the decline was partially offset by an increase in revenues from league distributions.
The segment recorded operating loss of $4.1 million, up by $24.5 million from the year-ago quarter. The wider loss reflects greater selling, general and administrative expenses, and lower revenues, partially offset by a decrease in direct operating expenses.
Operating Income
In the reported quarter, Madison Square incurred adjusted loss of $9.9 million, narrower than the adjusted loss of $30.1 million in the year-ago quarter.
Balance Sheet
Cash and cash equivalents totaled $1.06 billion as of Sep 30, 2018, compared with $1.22 billion as of Jun 30, 2018. The company ended the reported quarter with long-term debt of $100.9 million compared with $101.3 million at the end of fiscal 2018.
Carnival Corporation (CCL - Free Report) reported better-than-expected third-quarter fiscal 2018 results. Earnings were $2.36 per share, which outpaced the Zacks Consensus Estimate of $2.31 and improved 3.1% year over year.
Royal Caribbean Cruises Ltd. (RCL - Free Report) reported mixed results for the third quarter of 2018, wherein earnings surpassed analysts’ expectations while revenues lagged the same. Adjusted earnings of $3.98 per share surpassed the Zacks Consensus Estimate of $3.96 by 0.5% and increased 13.5% year over year backed by higher revenues.
Upcoming Peer Release
SeaWorld Entertainment is slated to report quarterly results on Nov 5, before the market opens. The company currently flaunts a Zacks Rank #1.
Today's Stocks from Zacks' Hottest Strategies
It's hard to believe, even for us at Zacks. But while the market gained +21.9% in 2017, our top stock-picking screens have returned +115.0%, +109.3%, +104.9%, +98.6%, and +67.1%.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - 2017, the composite yearly average gain for these strategies has beaten the market more than 19X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.
Image: Bigstock
Madison Square (MSG) Reports Narrower-Than-Expected Q1 Loss
The Madison Square Garden Company reported better-than-expected results in the first quarter of fiscal 2019. The company reported narrower-than-expected loss and its revenues surpassed the Zacks Consensus Estimate.
Madison Square incurred adjusted loss per share of $1.36, wider than the consensus estimate of loss of $1.87. In the prior-year quarter, the company incurred loss of 47 cents per share.
Net revenues were $218.1 million, which surpassed the consensus mark of $208 million by 4.8% but fell 11% year over year.
The Madison Square Garden Company Price, Consensus and EPS Surprise
The Madison Square Garden Company Price, Consensus and EPS Surprise | The Madison Square Garden Company Quote
Segmental Performance
Madison Square operates under two segments — MSG Sports and MSG Entertainment.
In the quarter under review, revenues from Madison Square’s Entertainment segment totaled $163 million, down 1% year over year. The downside was due to lower overall event-related revenues at the company's venues and lesser suite rental fee revenues. The fall in revenues was partially offset by increased revenues from TAO Group, higher sponsorship, and signage and inclusion of Obscura Digital results.
The segment’s operating income came in at $1.7 million, down from $8.4 million in the prior-year quarter. The decrease in operating income was due to higher selling, general and administrative expenses, and increased direct operating expenses coupled with lower revenues.
Revenues from the Sports segment declined 32% to $55.4 million. The downside can be attributed to the timing of local media rights revenues from MSG Networks Inc. as well as lower suite rental fee revenues. However, the decline was partially offset by an increase in revenues from league distributions.
The segment recorded operating loss of $4.1 million, up by $24.5 million from the year-ago quarter. The wider loss reflects greater selling, general and administrative expenses, and lower revenues, partially offset by a decrease in direct operating expenses.
Operating Income
In the reported quarter, Madison Square incurred adjusted loss of $9.9 million, narrower than the adjusted loss of $30.1 million in the year-ago quarter.
Balance Sheet
Cash and cash equivalents totaled $1.06 billion as of Sep 30, 2018, compared with $1.22 billion as of Jun 30, 2018. The company ended the reported quarter with long-term debt of $100.9 million compared with $101.3 million at the end of fiscal 2018.
Zacks Rank & Peer Releases
Madison Square currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Carnival Corporation (CCL - Free Report) reported better-than-expected third-quarter fiscal 2018 results. Earnings were $2.36 per share, which outpaced the Zacks Consensus Estimate of $2.31 and improved 3.1% year over year.
Royal Caribbean Cruises Ltd. (RCL - Free Report) reported mixed results for the third quarter of 2018, wherein earnings surpassed analysts’ expectations while revenues lagged the same. Adjusted earnings of $3.98 per share surpassed the Zacks Consensus Estimate of $3.96 by 0.5% and increased 13.5% year over year backed by higher revenues.
Upcoming Peer Release
SeaWorld Entertainment is slated to report quarterly results on Nov 5, before the market opens. The company currently flaunts a Zacks Rank #1.
Today's Stocks from Zacks' Hottest Strategies
It's hard to believe, even for us at Zacks. But while the market gained +21.9% in 2017, our top stock-picking screens have returned +115.0%, +109.3%, +104.9%, +98.6%, and +67.1%.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - 2017, the composite yearly average gain for these strategies has beaten the market more than 19X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.
See Them Free>>