Boosted by strong sales in key categories, political and digital growth, Nexstar Broadcasting Tuesday morning reported net revenue rising 26.7% to a record $255.7 million in the first quarter of this year.
That figure includes $129.2 million in core revenue, which is a 7.6% increase from the first quarter of 2015. Local revenue rose 11% to $93.8 million. Political was a boon for the company, rising 3,165% to $11.8 million.
“Nexstar’s strong operating and financial momentum continues in 2016 as we exceeded consensus estimates with record first quarter net revenue, BCF, adjusted EBITDA and free cash flow,” Perry Sook, Nexstar’s president and CEO, said in a statement. “The 26.7% rise in first quarter net revenue was attributable to advertising strength in key categories complemented by our ability to monetize the Super Bowl through coordinated multi-platform revenue initiatives; political advertising spending which exceeded our expectations; continued robust retransmission fee growth; and, another quarter of double digit digital media growth.”
Nexstar’s strong earnings come while the company continues to expand its portfolio of TV stations. The company’s acquisition of Media General is expected to be completed by the end of this year.