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Nexstar Media Group (NXST) Q4 Earnings and Revenues Fall Y/Y (Revised)

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Nexstar Media Group (NXST - Free Report) shares have gained 4.4% in the year-to-date period, outperforming the Zacks Consumer Discretionary sector’s growth of 3%. The company delivered adjusted earnings of $3.32 per share for the fourth quarter of 2023, which declined 58.7% year over year.

Revenues of $1.3 billion decreased 12.3% year over year, owing to a decrease in Political Advertising Revenues.

Segment Details

Core Advertising revenues (34.4% of total revenues) of $449 million decreased 5.9% year over year due to continued softness in the advertising market. Political Advertising revenues (2.3% of total revenues) totaled $30 million in the reported quarter, which decreased 88.7% year over year due to the lack of material election activity in odd years.

Distribution revenues (54% of total revenues) of $704 million increased 14.3% year over year, driven by the renewal of the substantial majority of distribution agreements in 2022 and 2023 on improved terms and annual rate escalators.

Digital revenues (8% of total revenues) of $106 million plunged 5.4% year over year, primarily impacted by weakness in national digital advertising, partially offset by year-over-year increases in Nexstar’s local digital advertising revenues and agency services business and ecommerce. Other revenues (1.1% of total revenues) of $15 million decreased 6.3% year over year. 

Operating Details

In the fourth quarter, total operating expenses decreased 10% year over year to $1.07 billion.

Adjusted EBITDA decreased 31.3% year over year to $411 million.

Balance Sheet

As of Dec 31, 2023, Nexstar had unrestricted cash of $135 million compared with $150 million as of Sep 30.

Total consolidated debt, as of Dec 31, 2023, was $6.84 billion compared with a total debt of $6.87 billion as of Sep 30.


For full-year 2024, the company provided adjusted EBITDA guidance of $2.085 billion to $2.195 billion.

With the extra cash expected to come in the political year, the company plans to repay a portion of its debt, while continuing to use the rest of the cash for dividends and repurchases.

(We are reissuing this article to correct a mistake. The original article, issued on February 28, 2024, should no longer be relied upon.)

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