Nexstar Media Q3 Earnings Beat Estimates; Says Q4 Trends Continue To Improve - Nexstar Media Gr (NASDAQ:NXST)

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.

Market News and Data brought to you by Benzinga APIs