Madison Square Garden Sports reported a decline in revenue during the second quarter due to a decrease in regular season home games played by the New York Knicks and Rangers. The sports holding company's net income dropped to $14.2 million, or 59 cents a share, for the quarter ending on December 31, compared to $22.5 million, or 84 cents a share, in the same period last year. Analysts had predicted earnings of 59 cents a share.
The company's revenue also saw a decline, falling from $353.7 million to $326.9 million. This figure fell short of analysts' expectations of $421 million, according to a FactSet poll.
Despite the decrease in revenue, Executive Chairman James L. Dolan expressed confidence in the ongoing enthusiasm from fans and partners for the Knicks and Rangers. He mentioned that the company experienced growth in average per-game revenues during the second quarter. Dolan affirmed the company's belief in the value of owning premier professional sports franchises and their ability to generate long-term value for shareholders.