Madison Square Garden Sports Corp. (NYSE: MSGS) has reported its fiscal 2024 fourth quarter and full-year results, achieving record revenues of over $1 billion for fiscal 2024, marking a 16% increase year-over-year.
For fiscal 2024, the company reported revenues of $1.03 billion, representing an increase of $139.7 million, or 16%, compared to the prior year. Operating income was $146.0 million, showing a substantial increase of $60.9 million, or 71%, and adjusted operating income was $172.2 million, reflecting an increase of $57.2 million, or 50%, both compared to the prior year.
In the fiscal 2024 fourth quarter, the company reported revenues of $227.3 million, up $100.3 million, or 79%, compared to the prior year quarter. Operating income for the quarter was $52.3 million, while adjusted operating income stood at $56.5 million, both showing significant improvements over the prior year period.
The increase in revenues was primarily attributed to higher playoff-related revenues, regular season ticket-related revenues, suite revenues, sponsorship and signage revenues, and revenues from league distributions. The company saw a surge in demand from fans and partners, driven by successful regular seasons for the New York Knicks and the New York Rangers, resulting in playoff runs.
Madison Square Garden Sports Corp. Executive Chairman and CEO James L. Dolan expressed confidence in the company's future, emphasizing the strength of their professional sports franchises and their ability to generate long-term shareholder value.
The company's non-GAAP financial measure, adjusted operating income, which excludes certain expenses, was reported as $56.5 million for the fiscal 2024 fourth quarter, signifying an increase of $64.3 million compared to the prior year period.
Following these announcements, the company's shares moved -0.3%, and are now trading at a price of $195.24. For more information, read the company's full 8-K submission here.
