Nexstar Media Beats Q2 Aided By Political Advertising, Distribution, Digital Revenues

  • Nexstar Media Group, Inc NXST reported a second-quarter FY22 net revenue growth of 10% year-on-year to $1.25 billion, beating the consensus of $1.23 billion.
  • Revenues from Television Advertising rose 15.7% Y/Y to $499.7 million, comprising Core Advertising revenue that fell 2.5% Y/Y to $413 million and a 920% growth in Political Advertising revenue to $86.7 million.
  • Distribution revenue rose 4.7% Y/Y to $646.1 million. Digital revenue expanded 20.2% Y/Y to $88.2 million.
  • Margin: The adjusted EBITDA margin expanded 210 bps to 39.1%.
  • EPS of $5.56 beat the consensus of $5.05.
  • Nexstar Media generated $219 million in free cash flow.
  • "Our results benefitted from strong year-over-year growth in political advertising, distribution, and digital revenues," Chair and CEO Perry Sook said.
  • NXST board recently extended the employment agreement of Sook through March 31, 2026. Sook founded Nexstar in 1996 and has served as CEO since that time.
  • The company's board recently approved a new $1.5 billion share repurchase authorization.
  • 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 1.43% at $193.16 on the last check Thursday.
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