- Nexstar Media Group Inc NXST reported third-quarter FY21 net revenue growth of 3.5% year-on-year to $1.157 billion, marginally ahead of the consensus of $1.15 billion.
- Revenues from Total Television Advertising declined 13.5% Y/Y to $445.1 million, comprising Core Advertising revenue that climbed 13.3% Y/Y to $432.7 million, partially offset by a 90.6% decline in Political Advertising revenue to $12.4 million.
- Distribution Fee revenue rose 14.9% Y/Y to $618.9 million. Digital revenue expanded 46.8% Y/Y to $81.1 million.
- Margin: The adjusted EBITDA margin contracted 420 bps to 35.5%.
- EPS of $3.90 beat the consensus of $3.84.
- Nexstar Media generated $251.7 million in free cash flow.
- Outlook: Nexstar remains confident of accomplishing its pro-forma average annual free cash flow guidance for the 2021/2022 cycle of $1.33 billion.
- "Fourth quarter trends continue to improve, and we look forward to what we expect to be a record level of revenue with the return of political advertising in 2022," said Perry A. Sook, Chairman and CEO.
- "Notably, excluding automotive, 2021 third quarter core television advertising revenue exceeded pro forma 2019 levels due, in part, to the significant growth of the gaming/sports betting category. Overall gaming/sports betting has become a top five category and is generally a #1 or #2 category in established gaming/sports betting markets. We expect these positive trends to continue in the fourth quarter and beyond," he added.
- Price Action: NXST shares traded higher by 3.86% at $160.25 on the last check Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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