Earnings Review and Free Research Report: Nexstar Media Group’s Q2 Top-line Surged 139% Y-o-Y, Outperforming Expectations

Research Desk Line-up: Formula One Post Earnings Coverage

LONDON, UK / ACCESSWIRE / August 31, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Nexstar Media Group, Inc. (NASDAQ: NXST) (“Nexstar”), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=NXST, following the Company’s release of its financial results on August 08, 2017, for the second quarter fiscal 2017 (Q2 FY17). The Irving, Texas-based Company’s net revenues surged 139% y-o-y, beating market consensus estimates. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member’s account at:

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Get more of our free earnings reports coverage from other constituents of the Broadcasting – TV industry. Pro-TD has currently selected Formula One Group (NASDAQ: FWONA) for due-diligence and potential coverage as the Company reported on August 09, 2017, its financial results for Q2 2017. Register for a free membership today, and be among the early birds that get access to our report on Formula One when we publish it.

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Earnings Reviewed

During Q2 FY17, Nexstar’s net revenue rose to $626.12 million from $261.99 million recorded at the end of Q2 FY16. Net revenue numbers for the reported quarter topped consensus market expectations of $612.4 million.

The television broadcaster’s net income attributable to Nexstar increased to $43.99 million, or $0.91 per diluted share, during Q2 FY17 from $24.53 million, or $0.78 per diluted share, in the year ago same quarter. Excluding, adjusted to extinguish debt, adjusted net income came in $0.93 per diluted share for Q2 FY17, beating market expectation of $0.92 per diluted share.

Operating Metrics

Nexstar’s operating expenses rose during in the three months ended June 30, 2017 to $487.43 million from $197.99 million in Q2 FY16. During the reported quarter, the Company’s income from operations surged 116.7% to $138.69 million from $64.01 million in last year’s comparable quarter. For Q2 FY17, adjusted EBITDA, before one-time transaction expenses, came in at $208.28 million, or 33.3% of net revenues, compared to $92.29 million, or 35.2% of net revenues, in Q2 FY16. Furthermore, the Company’s adjusted EBITDA stood at $202.18 million, or 32.3% of revenues, for Q2 FY17 versus $90.22 million, or 34.4% of net revenues, in Q2 FY16.

Revenue Segmentation

For Q2 FY17, Local Advertising revenue was $237.98 million, up 143.8% from $97.61 million in Q2 FY16. National revenue also surged 153.8% to $91.06 million y-o-y in Q2 FY17. Furthermore, in the reported quarter, Core Advertising revenues were up by 146.5% y-o-y to $329.04 million.

Retransmission Fee’s revenue contributed $253.10 million to net revenues during Q2 FY17 compared to $98.14 million in the last year’s comparable period. The Company’s Digital revenues rose 157.4% to $63.98 million in Q2 FY17 from $24.86 million in the prior year’s same quarter. Trade and Barter’s revenue stood at $13.36 million for the reported quarter versus $11.74 million in the prior year’s comparable quarter. Meanwhile, Political revenues were down by 42.6% to $6.46 million in Q2 FY17 from $11.26 million in Q2 FY16.

In the reported quarter, Agency Commission was $44.10 million compared to $18.94 million in Q2 FY16.

For the Q2 FY17, Broadcasting’s revenues were $594.49 million compared to $246.40 million in Q2 FY16. The segment’s income from operations was $170.34 million in Q2 FY17, up from $82.05 million in Q2 FY16.

Cash Flow and Balance Sheet

During the six months ended June 30, 2017, net cash provided by operating activities was $137.88 million compared to $109.39 million in the previous year’s same period. Meanwhile, Broadcast’s cash flow for the reported quarter was $226.94 million, or 36.2% of net revenues, versus $103.25 million, or 39.4% of net revenues, in Q2 FY16. The Company posted free cash flow of $139.02 million in Q2 FY17 compared to $48.57 million in the last year’s corresponding quarter. Furthermore, free cash flow before one-time transaction expenses came in at $145.12 million for Q2 FY17, up from $50.64 million in Q2 FY16.

As of June 30, 2017, the Company had cash balance of $85.90 million compared to $87.68 million, at the close of books on December 31, 2016. Additionally, the Company reported long-term debt including current portion of $4.44 billion as on June 30, 2017, versus $2.34 billion as on December 31, 2016.

Stock Performance

On Wednesday, August 30, 2017, the stock closed the trading session at $62.70, climbing 3.89% from its previous closing price of $60.35. A total volume of 1.39 million shares have exchanged hands, which was higher than the 3-month average volume of 725.13 thousand shares. Nexstar Media’s stock price surged 8.01% in the last three months and 20.16% in the previous twelve months. The stock is trading at a PE ratio of 25.36 and has a dividend yield of 1.91%. At Wednesday’s closing price, the stock’s net capitalization stands at $2.98 billion.

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