Nexstar's Q4 Revenue Takes Hit From Political Advertising Slump, Eyes Future Cash Flow Maximization
Portfolio Pulse from Akanksha Bakshi
Nexstar Media Group Inc (NASDAQ:NXST) reported a Q4 fiscal 2023 revenue decline of 12.3% YoY to $1.304 billion, missing expectations due to a slump in political advertising. Despite this, core advertising and distribution revenues showed growth. The company's EPS also fell to $3.32 from $5.30 in Q4 2022. Nexstar aims to maximize shareholder returns, with a 2024 Adjusted EBITDA outlook of $2.085 to $2.195 billion. NXST shares rose 1.5% to $164.84.
February 28, 2024 | 5:29 pm
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Nexstar Media Group Inc reported a Q4 fiscal 2023 revenue decline and a decrease in EPS, but shares rose 1.5% to $164.84.
Despite the reported decline in revenue and EPS, the positive outlook for 2024 and the company's commitment to maximizing shareholder returns likely contributed to the positive investor sentiment, leading to a 1.5% increase in stock price.
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