Nexstar Media Registers 9.7% Revenue Growth In Q3; Hopes On Continuation Of Strong Political Advertising Trends

Nexstar Media Group, Inc (NXST reported a third-quarter FY22 net revenue growth of 9.7% year-on-year to $1.27 billion, missing the consensus of $1.29 billion.
Revenues from Television Advertising rose 18.8% Y/Y to $529 million, comprising Core Advertising revenue that fell 7.6% Y/Y to $399.7 million and a 942.7% growth in Political Advertising revenue to $129.3 million.
Distribution revenue rose 3.7% Y/Y to $641.7 million. Digital revenue expanded 5.7% Y/Y to $85.7 million.
Margin: The adjusted EBITDA margin expanded by 300 bps to 38.5%.
Adjusted EPS of $6.24 beat the consensus of $5.33.
Nexstar Media generated $293.6 million in free cash flow.
Perry Sook, Nexstar's Chairman and CEO, commented, "We expect the fourth quarter to benefit from a continuation of strong political advertising trends while 2023 will see distribution revenue upside from renewals of agreements representing more than half of our subscribers. Looking forward, we expect 2024 to benefit from another record year for political advertising due to the presidential election combined with the benefit of another wave of distribution agreement renewals for approximately 40% our subscribers."
Price Action: NXST shares traded higher by 7.39% at $166.46 on the last check Tuesday.
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