MSG Sports Q3 2024 Earnings Report

MSG Sports reported solid operating performance driven by enthusiasm for the Knicks and Rangers.

Key Takeaways

Madison Square Garden Sports Corp. reported a 12% increase in revenue to $430.0 million for the fiscal third quarter ended March 31, 2024. Operating income decreased slightly by 2% to $79.7 million, while adjusted operating income increased by 3% to $88.7 million.

Revenues increased by $47.2 million, or 12%, compared to the prior year period, driven by higher ticket-related revenues, suite revenues, food, beverage and merchandise sales, local media rights fees, and revenues from league distributions.

Operating income decreased by $2.0 million, or 2%, compared to the prior year period, due to increased direct operating expenses and selling, general and administrative expenses.

Adjusted operating income increased by $2.5 million, or 3%, compared to the prior year period, driven by increased revenues, partially offset by higher operating expenses.

The New York Knicks and New York Rangers both qualified for the playoffs after successful regular seasons.

Adjusted Operating Income (Loss)

$88.7M

Gross Profit