Nexstar Media Group reported higher first-quarter earnings as core advertising revenue recorded a 4% gain.
Net income rose 26.2% to $251.6 million, or $5.99 a share, from $200.9 million, or $4.42 a share, a year ago.
Revenue rose 8.6% to $1.21 billion.
Ad revenue was up 8.3% to $451.8 million, including $23.7 million in political ad revenue. Core ad revenue, excluding political, was up 4% to $428.1 million.
Distribution revenue rose 7.5% to $667.9 million and digital revenue rose 18.5% to $78.7 million.
“Nexstar had a strong start to 2022, delivering record first-quarter financial results,” said CEO Perry Sook. ”Our top- and bottom-line results benefited from strong year-over-year increases across all of our core and political advertising, distribution and digital revenue sources and first quarter cash distribution from our TV Food Network ownership interest.”
Despite macroeconomic challenges, Sook said the core ad business remains healthy and that the company is confident it can generate pro forma average annual free cash flow of more than $1.4 billion over 2022-2023.
“Nexstar’s powerful and growing diversified media platform produces and distributes some of the most compelling local and national news, sports and entertainment content in America, with the best margins in the business. Our outstanding first quarter results only reinforce our view that Nexstar is well on its way to delivering another year of record financial performance in 2022. As such, we have a solid foundation to continue driving near- and long-term growth and the enhancement of shareholder value.” ■
