Shares of Madison Square Garden Entertainment (MSGE) hit an all-time high Friday as the New York-based company reported a surprise fourth-quarter profit on higher revenue from events and purchases by fans of the city’s sports teams.

The owner of the Madison Square Garden arena and Radio City Music Hall posted fiscal 2024 fourth-quarter earnings per share (EPS) of $1.41, while the average estimate of analysts surveyed by Visible Alpha was for a loss of $0.52. Revenue rose 26% year-over-year to $186.1 million, also beating forecasts. 

Revenue from entertainment offerings was up 20% to $142.9 million, boosted by an increase in the number of concerts performed, suite license fees, and venue sponsorship, signage, and license fees. Food, beverage, and merchandise sales jumped 48% to $34.7 million, helped by more games at Madison Square Garden with both the NBA’s Knicks and NHL’s Rangers making the playoffs.

CEO Says Company ‘Well Positioned’

Chief Executive Officer (CEO) James Dolan said the company “is well positioned to generate robust adjusted operating income growth in fiscal 2025.” Dolan noted that this was the first full year Madison Square Garden Entertainment was a standalone company after being spun off from Sphere Entertainment (SPHR) in April 2023. 

Madison Square Garden Entertainment shares rose about 5% to $40.54 as of 11 a.m. ET Friday. They are up 27% year-to-date.