MSG Entertainment stock rallies after revenue rises above expectations

Shares of Madison Square Garden Entertainment Corp. rose 2.0% in premarket trading Monday, after the live entertainment company, which venues include Madison Square Garden, Radio City Music Hall and The Chicago Theater, swung to a fiscal fourth-quarter loss but reported revenue that rose above expectation as capacity restrictions related to the COVID-19 pandemic were lifted in several U.S. markets. The net loss for the quarter to June 30 was $117.8 million, or $4.87 a share, after net income of $126.6 million, or $5.27 a share, in the year-ago period. The FactSet consensus for per-share losses was $3.26. Revenue rose 11-fold to $99.8 million, from $9.0 million, and beat the FactSet consensus of $71.5 million. The company said MSG Networks, which it acquired on July 9, after the quarter ended, had revenue for the quarter to June 30 of $166.1 million and operating income of $58.4 million. "[W]hile we continue to operate in a fluid environment, we remain cautiously optimistic as we prepare to meet the pent-up demand for live experiences and, after the MSG Networks acquisition, move forward with greater scale and enhanced financial flexibility to pursue growth opportunities and deliver long-term value for shareholders," said Chief Executive James Dolan. The stock has tumbled 32.5% over the past three months through Friday, while the S&P 500 has gained 6.9%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

MSG Entertainment stock rallies after revenue rises above expectations
Shares of Madison Square Garden Entertainment Corp. rose 2.0% in premarket trading Monday, after the live entertainment company, which venues include Madison Square Garden, Radio City Music Hall and The Chicago Theater, swung to a fiscal fourth-quarter loss but reported revenue that rose above expectation as capacity restrictions related to the COVID-19 pandemic were lifted in several U.S. markets. The net loss for the quarter to June 30 was $117.8 million, or $4.87 a share, after net income of $126.6 million, or $5.27 a share, in the year-ago period. The FactSet consensus for per-share losses was $3.26. Revenue rose 11-fold to $99.8 million, from $9.0 million, and beat the FactSet consensus of $71.5 million. The company said MSG Networks, which it acquired on July 9, after the quarter ended, had revenue for the quarter to June 30 of $166.1 million and operating income of $58.4 million. "[W]hile we continue to operate in a fluid environment, we remain cautiously optimistic as we prepare to meet the pent-up demand for live experiences and, after the MSG Networks acquisition, move forward with greater scale and enhanced financial flexibility to pursue growth opportunities and deliver long-term value for shareholders," said Chief Executive James Dolan. The stock has tumbled 32.5% over the past three months through Friday, while the S&P 500 has gained 6.9%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.