Madison Square Garden Sports Corp. (NYSE: MSGS) has reported strong financial results for the fiscal third quarter ended March 31, 2024. The New York Knicks and New York Rangers saw increases in average per-game paid attendance, ticket prices, and ancillary spending, leading to growth in revenues. The Company generated revenues of $430.0 million, a 12% increase compared to the prior year period.
The Knicks and Rangers concluded their regular seasons and are currently competing in the NBA and NHL playoffs. The Company also launched its 2024-25 season ticket renewal initiative, which has seen strong demand. Executive Chairman James L. Dolan expressed confidence in the Company’s ability to generate long-term value for shareholders.
Operating income for the quarter was $79.7 million, a slight decrease from the previous year, while adjusted operating income increased to $88.7 million. The increase in revenues was primarily driven by higher ticket-related revenues, suite revenues, and food, beverage, and merchandise sales.
The Company’s assets include the New York Knicks, New York Rangers, Westchester Knicks, and Hartford Wolf Pack. They also operate the MSG Training Center in Greenburgh, NY. The Company’s non-GAAP financial measures show a clear picture of its operating performance and are commonly used by investors and analysts to analyze performance.
Looking ahead, the Company remains optimistic about its future performance and is focused on delivering value to its shareholders. With strong demand for its sports teams and ongoing initiatives, Madison Square Garden Sports Corp. is poised for continued success in the sports industry.