Manchester United Ltd. MANU shares are trading higher in the premarket session on Tuesday.
Quarterly revenue of $280.28 million beats the street view of $222.43 million.
Revenues were driven primarily by UEFA Champions League participation benefits and continued Matchday momentum with attendance for all teams, the company said in a press release.
Commercial revenue for the quarter fell 8.8% year over year, Broadcasting revenue jumped 81%, and Matchday revenue gained 59.2%.
Total operating expenses for the quarter were £198.7 million, an 18.6% increase over the prior year.
As of December 31, 2023, cash and equivalents were £62.8 million compared to £31.0 million in the prior-year quarter, primarily due to the drawdowns on revolving facilities, offset by investment in the first team playing squad.
The company reported adjusted earnings per share of $0.15, while the Wallstreet View pegs at a loss of $(0.22).
“This is an exciting time at Manchester United following the completion of Sir Jim Ratcliffe’s investment, and we are all focused on working together with our new co-owners to drive the club forward and deliver success on the pitch,” said Cliff Baty, Chief Financial Officer.
On March 8, the company said it announced the creation of a task force to explore options for stadium development at Old Trafford and the regeneration of the surrounding area.
Outlook: For fiscal 2024, the company reiterated its previous revenue guidance of £635 million to £665 million and its previous adjusted EBITDA guidance of £125 million to £150 million.
Price Action: MANU shares are trading higher by 2.43% to $14.54 premarket on the last check Tuesday.
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