The Madison Square Garden Co MSG shares are trading lower after the company reported worse-than-expected fourth-quarter EPS and sales results.
The company reported losses of $3.08 per share, which missed the analyst consensus estimate calling for a loss of $2.61. This is a 58.76% decrease over losses of $1.94 per share from the same period last year.
Madison Square Garden reported quarterly sales of $263.56 million, which missed the analyst consensus estimate of $270.09 million. This is a 17.11% decrease over sales of $317.957 million the same period last year.
"Ongoing demand for our sports and entertainment assets helped drive a number of operational highlights in fiscal 2019, including continued growth in bookings, productions, suites, marketing partnerships and media rights,” said CEO James Dolan. “Looking ahead, we remain confident in the strength of our core businesses and expect fiscal 2020 to be an important year as we work to complete the proposed sports spin-off and begin to usher in the company's next chapter, with MSG Sphere in Las Vegas starting to take shape."
Madison Square Garden shares were trading down 9.56% at $265.38 at time of publication. The stock has a 52-week high of $317.70 and a 52-week low of $240.33.
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