logo-loader

MSG Networks whizzes past Wall Street's 4Q fiscal projections as it adds viewers

Published: 08:06 15 Aug 2018 EDT

hockey players
MSG Networks airs the games of an array of professional sports teams, including the New York Knicks and New York Islanders

MSG Networks Inc (NYSE:MSGN) zipped past Wall Street’s projections for its fiscal fourth-quarter revenue and profit as the owner of the sports and entertainment networks MSG Network and MSG+ broadened the reach of its audience via digital distribution platforms.

In its fiscal fourth-quarter, MSG posted adjusted earnings of US$0.60 per share on revenue of US$171.4mln, which whizzed past the market consensus estimate of US$0.55 per share on revenue of US$165.4lmln.

For the year, the company reported profit of $288.9mln, or $3.81 per share. Revenue came in at $696.7mln.

Pleased with the results, investors sent MSG shares up 4% to US$24 in Wednesday’s pre-market session.

CEO Andrea Greenberg said the company’s live-sports programming will allow MSG to continue to generate long-term value for its shareholders.  

“In addition to another year of strong revenue, adjusted operating income and free cash flow results, we enhanced our programming lineup through new and innovative content, while broadening the reach of our networks through digital distribution platforms,” Greenberg said in a statement.

In the three months ended June 30, MSG saw its revenue from affiliation fees jump US$9.2mln from the year-ago period partly due to higher rates. Its advertising revenue, meanwhile, slipped US$1.2mln from the same quarter last year, held back by lower sports playoff-related advertising sales.

Its direct operating expenses of US$68.8 mln also rose 6% or US$3.9mln from the year-ago quarter due to the expense of higher rights fees overall as well as a jump in the cost related to the renewal of a rights agreement with the Buffalo Sabres, the professional ice-hockey team.

Headquartered in New York, MSG Networks airs the games of an array of professional sports teams, including the New York Knicks, the New York Rangers, the New York Islanders and the New Jersey Devils.

Contact Ellen Kelleher at ellen@proactiveinvestors.com

Australian Strategic Materials signs US$600 million LoI

Rowena Smith, CEO and managing director of Australian Strategic Materials Ltd (ASX:ASM, OTC:ASMMF), joins Jonathan Jackson in the Proactive studio to discuss the company’ s Dubbo Project, in Central West New South Wales. This project aims to extract and process critical minerals and rare earth...

5 hours, 27 minutes ago