via cnbc.com
Madison Square Garden Inc.'s third-quarter net income nearly doubled as revenue rose in its media, sports and entertainment divisions, easily beating Wall Street's view.
The company's shares climbed 95 cents, or 4.5 percent, to $21.94 in Friday morning trading. Over the last year, the stock has traded between $16.35 and $23.04.
Madison Square Garden's namesake building is set to reopen Friday night for the New York Knicks' game against Washington after an asbestos scare that forced the postponement of a game Tuesday night. Debris dislodged during a cleanup of an attic space triggered two air quality detectors, but subsequent testing revealed that the particles did not contain asbestos.
The company also owns the New York Knicks, the New York Rangers and other professional sports teams. Its entertainment division produces shows at numerous major East Coast venues, and its media business operates sports and music television networks.
Madison Square Garden's net income surged to $19.3 million, or 25 cents per share, compared with $10.1 million, or 14 cents per share, a year earlier.
Revenue for the three months that ended Sept. 30 rose 18 percent to $190.8 million from $161.8 million.
Analysts on average expected earnings of just 15 cents per share on $175.9 million in revenue, according to Thomson Reuters. Analysts typically exclude one-time items.
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