Overview

* Madison Square Garden Sports ( MSGS ) fiscal Q1 revenue fell 26% yr/yr, missing analyst expectations

* Adjusted operating loss for fiscal Q1 increased, missing analyst estimates

* Revenue decline due to lower league distributions and local media rights fees

Outlook

* Company did not provide specific financial guidance for future quarters or full year

Result Drivers

* LEAGUE DISTRIBUTIONS - Revenue decline primarily due to $11.4 mln decrease in league distributions unrelated to national media rights fees

* MEDIA RIGHTS FEES - Local media rights fees decreased $2.3 mln due to amendments to Knicks and Rangers agreements

* HIGHER EXPENSES - Operating loss increased due to higher selling, general, and administrative expenses

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q1 Miss $39.50 $41.30

Revenue mln mln (7

Analysts

)

Q1 Net -$8.79

Income mln

Q1 Miss -$20.80 -$19.81

Adjusted mln mln (7

Operatin Analysts

g Income )

Q1 $8.27

Operatin mln

g

Expenses

Q1 -$27.40

Operatin mln

g Income

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the entertainment production peer group is "buy"

* Wall Street's median 12-month price target for Madison Square Garden Sports Corp ( MSGS ) is $260.00, about 13.5% above its October 30 closing price of $224.77

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)