- Madison Square Garden Entertainment Corp (NYSE:MSGE) reported third-quarter FY22 revenue growth of 115% year-on-year to $460.1 million, beating the consensus of $441.6 million.
- Tao Group Hospitality segment generated revenues of $108.6 million versus $12.8 million last year. MSG Networks generated total revenues of $167.6 million, down 6% Y/Y.
- Entertainment segment revenues surged from $31 million Y/Y to $194.6 million.
- MSGE took a $14.7 million hit as restructuring charges.
- The adjusted operating income was $46.5 million, up 122% Y/Y. EPS loss of $(0.51) missed the consensus of $0.04.
- Madison Square Garden held $1 billion in cash and equivalents at Q3 end versus $1.63 billion in the prior-year period.
- The fiscal 2022 third quarter reflected ongoing momentum in the Company's live entertainment businesses.
- Price Action: MSGE shares traded lower by 8.43% at $63.46 on the last check Monday.
