Madison Square Garden Entertainment Corp. (NYSE: MSGE) has reported its fiscal 2024 fourth quarter and full-year results, showcasing a significant increase in revenues and operating income compared to the prior year.
For the twelve months ended June 30, 2024, the company reported revenues of $959.3 million, up 13% from the prior year's $851.5 million. Operating income for the same period was $111.9 million, showing a $6.9 million increase compared to the prior year. Adjusted operating income also saw a substantial increase, reaching $211.5 million, up $9.9 million from the previous year.
Breaking down the figures for the fourth quarter, the company reported revenues of $186.1 million, marking a 26% increase from the prior year quarter's $147.9 million. Operating loss for the fourth quarter was $8.9 million, reflecting a significant improvement of $12.9 million compared to the prior year. Adjusted operating income for the same period increased by $12.4 million, reaching $13.1 million.
The company's strong performance was driven by various factors, including robust growth in the number of events in the company's bookings business and record-setting revenues from the Christmas Spectacular production. Additionally, the increase in the number of concerts at the Garden, growth in regular season and playoff games for the Knicks and Rangers, and higher ticket sales contributed to the positive results.
In terms of specific business segments, fiscal 2024 fourth quarter revenues from entertainment offerings increased by 20% compared to the prior year period, reaching $142.9 million. This growth was primarily attributed to higher event-related revenues, increased revenues subject to the sharing of economics with MSG Sports pursuant to the arena license agreements, and a rise in venue-related sponsorship, signage, and suite license fees.
Furthermore, food, beverage, and merchandise revenues for the fourth quarter increased by 48% to $34.7 million, driven by higher sales at Rangers and Knicks games, as well as increased sales at concerts and other live sporting and entertainment events.
Looking ahead, James L. Dolan, Executive Chairman and CEO of Madison Square Garden Entertainment Corp., expressed confidence in the company's future, stating that MSGE is well positioned to generate robust adjusted operating income growth in fiscal 2025.
Madison Square Garden Entertainment Corp. is known for its portfolio of world-renowned venues, including New York's Madison Square Garden, Radio City Music Hall, and Beacon Theatre, among others, which host a broad array of sporting events, concerts, family shows, and special events annually. Following these announcements, the company's shares moved 5.1%, and are now trading at a price of $40.62. Check out the company's full 8-K submission here.
