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IRVING, Texas -On Thursday, Nexstar Media Group, Inc. (NASDAQ:NXST) reported fourth quarter revenue that beat analyst expectations, despite earnings falling short.
The company’s shares gained 1.82% in premarket trading.
The largest owner of local TV stations in the U.S. posted Q4 revenue of $1.49 billion, slightly above the consensus estimate of $1.5 billion. However, adjusted earnings per share came in at $7.56, missing the $8.41 analyst forecast.
Nexstar’s quarterly net revenue rose 14.1% year-over-year to a record $1.49 billion, driven primarily by a 29.6% increase in advertising revenue to $758 million. This reflected a $223 million YoY jump in political advertising to $254 million, which more than offset softer non-political ad spending.
Distribution revenue grew 1.4% to $714 million, benefiting from favorable contract renewals and rate increases.
"We ended 2024 with another quarter of record net revenue driven by increased election year political advertising highlighting the effectiveness of local television broadcasting and our presence in nearly 85% of contested election markets across the country," said Perry A. Sook, Founder, Chairman and CEO.
For full year 2024, Nexstar generated $1.2 billion of adjusted free cash flow and returned $820 million to shareholders through dividends and share repurchases.
Looking ahead, the company provided 2025 adjusted EBITDA guidance of $1.5 billion to $1.595 billion.
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