Overview

• US pro sports team owner's fiscal Q3 revenue rose 2%, slightly beating analyst expectations

• Adjusted operating income for fiscal Q3 missed analyst consensus, falling 72% yr/yr

• Company is exploring previously announced separation of Knicks and Rangers businesses

Outlook

• Company did not provide specific guidance for future quarters or the full year

Result Drivers

• LEAGUE DISTRIBUTIONS - Higher national media rights fees and an incremental NBA league distribution drove revenue growth

• FEWER HOME GAMES - Knicks and Rangers played five fewer games at The Garden, reducing ticket, local media, food and sponsorship revenues

• HIGHER OPERATING COSTS - Increased team personnel compensation, league revenue sharing, and NBA luxury tax drove up expenses

Company press release: ID:nBw423WZFa

Key Details

*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the entertainment production peer group is "buy"

• Wall Street's median 12-month price target for Madison Square Garden Sports Corp is $371.50, about 11.7% above its May 7 closing price of $332.52

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