Nexstar reported second quarter net revenue of $146.9 million, up 16.4% from the same quarter a year ago. Local revenues climbed 5.6% while national was off 8.75%. Core revenue ticked up 1.2% in the quarter.
Gains in political revenue, up 270%, and retransmission fee cash helped Nexstar in the quarter.
"Nexstar's long-term strategy to complete and integrate accretive acquisitions while building complementary revenue streams that leverage our local content and relationships drove record second quarter net revenue, BCF, adjusted EBITDA and free cash flow," said Perry Sook (pictured), Nexstar chairman, president and CEO. "Our year-to-date financial results are in-line with our expectations and we remain confident that Nexstar will generate record free cash flow in 2014 based on core advertising trends and rising political spending in the second half of the year, contractual retransmission revenue growth and our expanded digital media operations."
Sook noted that Nexstar added eight stations in 2014, and expects to close on deals later this year that will add 27 more to the mix.
Sook is bullish on Nexstar's retrans outlook. "With distribution agreements representing over 40% of Nexstar's subscribers up for renewal in 2014, we project ongoing significant revenue growth from this source in the remainder of 2014 and beyond," he said.
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