UPDATE: Manchester United Posts Rise In Q3 Earnings

Manchester United

reported a surge in its third-quarter earnings. Manchester United's quarterly profit rose to GBP10.9 million, versus a year-ago profit of GBP3.6 million. Its per-share earnings climbed to GBP6.66 versus GBP2.22. Its revenue surged 26% to GBP115.5 million. However, analysts were expecting earnings of GBP5 per share on revenue of GBP111 million. Manchester United's commercial revenue jumped 19%, while broadcasting revenue gained 64.1%. Match-day revenue also increased 9.1%. For fiscal 2014, the company continues to project adjusted EBITDA of £128 million to £133 million on revenue of £420 million to £430 million. Ed Woodward, Executive Vice Chairman said, “We once again generated record revenues and EBITDA as all of our businesses delivered impressive year over year growth. This puts us in a healthy financial position to continue to invest in the squad. Everyone at the Club is working hard to ensure the team is back challenging for the title and trophies next season.” Manchester United shares fell 1.01% to close at $16.61 yesterday.