Nexstar’s ad revenue increased 22% from July 1 to September. With the presidential election on the 30th, major television stations announced their financial results for the third quarter of 2024 on Thursday.
The company also said its station CW narrowed its third-quarter loss again, this time by $36 million, but the total remaining loss was not disclosed.
Third quarter distribution revenue was $719 million, an increase of 20% from the same period last year. Advertising revenue for the quarter was $622 million, with “other” revenue of $25 million.
Adjusted free cash flow for the third quarter was $327 million.
Wall Street expects earnings per share (EPS) of $5.41 on revenue of $1.37 billion, according to analyst consensus data provided by LSEG. Nexstar reported diluted EPS of $5.27, or net income of $180 million, on revenue of $1.37 billion.
“Nexstar delivered record financial results in the third quarter, reflecting the continued strength of our broadcast television business model,” Nexstar CEO Perry Sook said in a letter to shareholders. said. “We delivered our highest-ever third quarter net revenue, comprised of record third-quarter distribution and advertising revenue, including record third-quarter political ad revenue of $154 million. This is an increase of 16% compared to the comparable 2020 period.
“During the quarter, we further advanced our CW strategy, reducing our operating loss by $36 million year-over-year and $119 million year-to-date. NASCAR Xfinity Series races in September and WWE NXT in October Wrestling debuted on the CW broadcast network and overall recorded double-digit growth in both total viewers and adults 18-49 compared to previous cable viewership numbers year-to-date. Strong operating results to date resulted in adjusted free cash flow of $792 million, returned $590 million (74%) to shareholders in the form of dividends and share repurchases, and reduced debt to $100 million. We saved $46 million.”
