Nexstar Broadcasting Q3 Earnings Soar, But Miss Estimates; To Acquire KCWI-TV

(RTTNews) - TV broadcaster Nexstar Broadcasting Group, Inc. (NXST) Friday reported third-quarter earnings which increased, boosted by a surge in political ad spending along with growth in re-transmission fees. Earnings, however, missed analysts' estimates, while revenues topped them.

For the three months to September, net earnings were $15.4 million or $0.48 per share, up from $3.59 million or $0.11 per share a year earlier.

On average, seven analysts polled by Thomson-Reuters estimated earnings to be $0.49. Analysts' estimates typically exclude one-time items.

Net revenues rose to $157.4 million, from $125.79 million last year, above the $155.86 million Wall Street expected.

The company also said it has agreed to acquire KCWI-TV, the CW affliate in the the Des Moines, Iowa area, for $3.5 million. The company said the acquisition will add around $1 million in incremental BCF.