Madison Square Garden Beats Profit And Sales Expectations | Fox Business

Madison Square Garden reported a fiscal second-quarter profit that rose to $61.2 million, or 78 cents a share, from $60.5 million, or 77 cents a share, in the same period a year ago. That beat the FactSet consensus analyst estimate of 74 cents a share. Revenue rose 7% to $542.5 million, above analyst forecasts of $521 million, as growth in MSG entertainment and MSG sports divisions offset a decline in its media division. Meanwhile, revenue in each of the three divisions exceeded analyst projections. Chief Executive Tad Smith said in a statement that the company is "continuing to explore the possible separation of our businesses and believe that the creation of two distinct publicly traded companies would provide both new entities with greater flexibility to pursue their own business plans, while enabling investors to evaluate more clearly each company's unique assets and potential." The stock, which was still inactive in premarket trade, has gained 2.1% over the past three months, while the S&P 500 has advanced 1.5%.