Broadcast Giant Nexstar Misses Q2 Estimates, Says It Is “Executing” CW Plan As Network Losses Shrink

deadline.com:

Broadcast TV giant Nexstar Media Group undershot Wall Street analysts’ estimates for the second quarter, but said losses are continuing to narrow at The CW.

The company reported a 2% uptick in revenue in the second quarter to $1.27 billion, which was short of forecasts for $1.3 billion.

Diluted earnings per share of $3.54 improved by 90 cents over the year-earlier period but did not hit the Street’s target of $4.17. “During the quarter, we continued executing on our plan at The CW, reducing operating losses by $33 million year-over-year and $83 million year-to-date,” Nexstar CEO Perry Sook said in the company’s earnings release. “Our organizational and programming changes are driving improved cash flows and the third consecutive quarter of ratings growth in primetime entertainment programming.” Financials for The CW are not reported as a separate division or line item in Nexstar’s results.

Advertising across the full company portfolio was one of the drags on overall performance. Total ad revenue inched up 2% to $522 million.