Get Premium Data for Cyber Monday: Up to 55% Off InvestingProCLAIM SALE

Nexstar Media stock rises 3% as Q3 revenue hits record high

EditorRachael Rajan
Published 2024/11/07, 15:26
NXST
-

IRVING, Texas - Nexstar Media Group, Inc. (NASDAQ: NASDAQ:NXST) reported record third quarter revenue on Thursday, sending shares up 3% in premarket trading despite a slight earnings miss.

The television broadcasting company posted revenue of $1.37 billion for the quarter, in line with analyst estimates and up 20.7% year-over-year. Net income surged to $180 million, compared to just $8 million in the same period last year.

Adjusted earnings per share came in at $5.27, slightly below the $5.41 expected by analysts. However, investors focused on the strong top-line growth and improved profitability.

"Nexstar generated record financial results for the third quarter, reflecting the continued power of our broadcast television business model," said Perry A. Sook, Founder, Chairman and CEO.

Distribution revenue, which makes up over half of total revenue, grew 20.2% to $719 million. Advertising revenue increased 22.2% to $622 million, boosted by $154 million in political advertising ahead of the 2024 elections.

The company also made progress on its strategy for The CW network, reducing operating losses by $36 million year-over-year.

Nexstar returned $233 million to shareholders through dividends and share repurchases in the quarter, reducing shares outstanding by 3.1%.

Looking ahead, management expressed confidence in the company's positioning heading into an election year, which typically brings increased political advertising spending.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.