Nexstar reported its fourth-quarter 2022 earnings Tuesday, revealing its core ad sales fell 3.3% from Oct. 1-Dec. 31, the quarter during which it finalized its purchase of the CW Network, but polit…
Wall Street forecast earnings per share of $8.26 on$1.5 billion in revenue, according to analyst consensus data provided by Refinitiv. Nexstar reported adjusted EPS of $5.30 on $1.5 billion in revenue.
Free cash flow for the quarter increased 27.8% to $422 million. Excluding the CW, that amount rose to $458 million. “2022 was a monumental year for Nexstar as we generated $5.2 billion of revenue as well as record levels of Adjusted EBITDA and free cash flow,” chairman and CEO Perry Sook said in a letter to shareholders. “We returned approximately 68% of our 2022 attributable free cash flow, or a record $1.02 billion, to our shareholders in the form of share repurchases and dividends.
“Looking ahead, 2023 will benefit from the 2022 renegotiation of our distribution contracts representing more than half of our subscribers, and 2024 will benefit from presidential election year political advertising and additional distribution contract renewals. For the 2023/2024 cycle, we expect to generate pro forma average annual attributable free cash flow of approximately $1.25 billion, inclusive of $90 million of attributable losses and associated tax benefit from The CW.
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