08:56 AM EDT, 08/16/2024 (MT Newswires) -- Madison Square Garden Entertainment ( MSGE ) said Friday that it swung to a fiscal fourth-quarter profit year over year as higher event-related revenue and food and beverage sales helped drive a double-digit topline gain.

The company, which hosts various events at places including New York's Madison Square Garden and Radio City Music Hall, reported net income of $1.41 a share for the quarter ended June, compared with a loss of $0.47 the year before. Four analysts polled by Capital IQ expected a per-share loss of $0.56.

The stock soared 8% in premarket activity.

Overall revenue jumped 26% to $186.1 million, topping six analysts' mean view for $169.2 million. Sales from entertainment offerings climbed 20% to $142.9 million, buoyed in part by higher event-related revenue as the number of concerts at The Garden increased on a yearly basis.

Food, beverage and merchandise revenue surged 48% to $34.7 million, reflecting more home games involving the ice hockey and basketball teams New York Rangers and New York Knicks at The Garden. Arena license fees and other leasing revenue improved to $8.5 million from $4.9 million in the prior-year quarter.

The company, which separated from Sphere Entertainment (SPHR) in April 2023, posted an operating loss of $8.9 million for the quarter, narrowing from a $21.8 million loss a year earlier. Direct operating expenses linked to entertainment offerings, arena license fees and other leasing increased 13% to $99.7 million.

"We delivered strong financial results in our first full year as a standalone entertainment company," Chief Executive James Dolan said in a statement. "Looking ahead, we believe our company -- with its unique portfolio of live entertainment offerings -- is well positioned to generate robust adjusted operating income growth in fiscal 2025."

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