Nexstar Media Group, the second-biggest local TV station group, reported record earnings for the third quarter, with revenue soaring 64% over the year-earlier quarter to $42 million and total revenue more than doubling to $612 million. The results exceeded Wall Street analysts’ expectations.
Chairman, president and CEO Perry Sook said the numbers for the period ending Sept. 30 reflected “the benefits of scale and the strong operating leverage in our business model.”
While leading station owner Sinclair Broadcast Group has drawn far more notice lately for its pending acquisition of Tribune Media and connections with President Trump, Irving, Texas-based Nexstar began 2017 by closing its purchase of rival station group Media General. Like Sinclair, Nexstar has grown from a single radio station into a massive broadcasting concern.
“Nexstar again generated record quarterly results and exceeded consensus expectations as our expanded scale and the ongoing diversification of our revenue streams, combined with operating and cost management disciplines, offset the cyclical $17 million year-to-year decline in political and non-recurring revenue on our NBC stations related to 2016 summer Olympics,” Sook said. “Our record third quarter results highlight our success in integrating the Media General broadcasting and digital media properties into our platform while extracting anticipated revenue and cost synergies and capitalizing on the many growth opportunities throughout our portfolio.”
The company’s stock has been fairly volatile this year. It enters the week at $63.05, close to the level at which it traded as the year began.