Nexstar Media Tops Q1 Backed By Advertising, Distribution Revenue Growth

Nexstar Media Group, Inc NXST reported a first-quarter FY22 net revenue growth of 8.6% year-on-year to $1.21 billion, beating the consensus of $1.19 billion.
Revenues from Total Television Advertising rose 8.3% Y/Y to $451.8 million, comprising Core Advertising revenue that climbed 4% Y/Y to $428.1 million and a 338.9% growth in Political Advertising revenue to $23.7 million.
Distribution revenue rose 7.5% Y/Y to $667.9 million. Digital revenue expanded 18.5% Y/Y to $78.7 million.
Margin: The adjusted EBITDA margin expanded 180 bps to 53.1%.
EPS of $5.99 beat the consensus of $4.89.
Nexstar Media generated $560.4 million in free cash flow.
Chair and CEO Perry A. Sook commented, "Our top-and bottom-line results benefitted from strong year-over-year increases across all of our core and political advertising, distribution and digital revenue sources and first-quarter cash distribution from our TV Food Network ownership interest."
Outlook: Nexstar reiterated a Pro-forma average annual free cash flow of $1.4 billion for the 2022/2023 cycle.
Price Action: NXST shares traded higher by 1.97% at $155.40 in pre-market on the last check Tuesday.

Momentum58.52

Growth64.70

Quality91.72

Value41.33

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