Madison Square Garden Entertainment Q3 Income Down, Below View; Revises Revenue Outlook - Update

(RTTNews) - (Adds Outlook)

For the full year, Madison Square Garden Entertainment Corp. (MSGE) has raised the lower end of its revenue outlook range to reflect positive momentum across its operations.

It now expects revenue in the range of $940 million to $950 million for the full year, compared to the prior range of $930 to $950 million.

On average, 8 analysts polled by Thomson-Reuters expect revenue of $938.97 million.

Q3 Results:

Madison Square Garden Entertainment released a profit for third quarter that decreased from last year and missed the Street estimates.

The company's bottom line totaled $2.80 million, or $0.06 per share. This compares with $21.72 million, or $0.42 per share, in last year's third quarter.

Analysts on average had expected the company to earn $0.17 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 13.5% to $228.31 million from $201.23 million last year.

Madison Square Garden Entertainment Corp. earnings at a glance (GAAP) :

-Earnings (Q3): $2.80 Mln. vs. $21.72 Mln. last year. -EPS (Q3): $0.06 vs. $0.42 last year. -Revenue (Q3): $228.31 Mln vs. $201.23 Mln last year.