Nexstar Media Group, Inc. (NXST) has reported 24.63 percent fall in profit for the quarter ended Dec. 31, 2016. The company has earned $20.48 million, or $0.64 a share in the quarter, compared with $27.17 million, or $0.86 a share for the same period last year. Revenue during the quarter grew 22.84 percent to $309.88 million from $252.26 million in the previous year period. Gross margin for the quarter expanded 89 basis points over the previous year period to 69.31 percent. Total expenses were 70.16 percent of quarterly revenues, down from 73.30 percent for the same period last year. This has led to an improvement of 315 basis points in operating margin to 29.84 percent.
Operating income for the quarter was $92.48 million, compared with $67.35 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $134.79 million compared with $93 million in the prior year period. At the same time, adjusted EBITDA margin improved 663 basis points in the quarter to 43.50 percent from 36.86 percent in the last year period.
Perry A. Sook, chairman, president and chief executive officer of Nexstar Media Group, Inc. commented, "Our strong fourth quarter and full-year operating results mark Nexstars fifth consecutive year of record financial results based on the ongoing success of our strategies to leverage our local market content and community involvement, execute and integrate accretive acquisitions, maintain cost controls and optimize the balance sheet and capital structure. The 22.8% rise in fourth quarter net revenue resulted in BCF, Adjusted EBITDA and free cash flow growth of 39.0%, 44.9% and 23.9%, respectively, and reflect margin growth related to the significant operating leverage in our model, the ongoing benefits of our management disciplines and our strategic initiatives to maximize the political advertising opportunity. For the full year, Nexstar’s legacy platform generated approximately $7.98 of free cash flow per share, or 18.4% growth over 2015 levels, which has funded capital returns to shareholders through quarterly cash dividends and 2015 share repurchases. With January’s completion of the highly accretive Media General transaction, Nexstar is the leading media company committed to localism and innovation and is positioned for continued near- and long-term growth, including our sixth consecutive year of record financial results projected for 2017.
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