Madison Square Garden Entertainment Corp ( MSGE ) stock gained after it reported its fiscal fourth-quarter results.

Revenue rose 26% year-on-year to $186.1 million, beating the analyst consensus estimate of $169.6 million. 

Adjusted EPS loss of $(0.53) missed the analyst consensus loss estimate of $(0.52).

Also Read: Madison Square Garden Has Room For ‘Robust Growth’ Thanks To Concert Lineup, Christmas Spectacular: Analyst

Revenues from entertainment offerings rose 20% year-on-year to $142.9 million, led by higher event-related revenues and revenues subject to the sharing of economics with MSG Sports under the Arena License Agreements. 

Food, beverage, and merchandise revenues increased 48% year-on-year to $34.7 million, aided by higher food and beverage sales at Rangers and Knicks games at The Garden.

Event-related revenues increased $13.2 million compared to the prior year, aided by increased concerts at The Garden.

In addition, the company reported an adjusted operating income of $13.1 million, versus $0.69 million a year ago, primarily due to higher revenues. As of June-end, cash and equivalents stood at $33.6 million.

Fiscal 2024 marked the first full year of operations for MSG Entertainment as a standalone public company. During the year, the company hosted approximately 6.3 million guests at over 960 events, reflecting solid growth in the number of events in the company’s bookings business and regular season and playoff games at The Garden for both the Knicks and Rangers. It also reflects over 1 million tickets sold across 193 shows for the Christmas Spectacular production, which generated record-setting revenues in fiscal 2024, per the company’s statement.

Madison Square Garden Entertainment ( MSGE ) stock gained over 25% in the last 12 months.

Price Action: MSGE stock is up 9.60% to $42.36 premarket at the last check Friday.