Stock Alert: Nexstar Media Group Rises 8% On Sharp Rise In Sales

(RTTNews) - Shares of Nexstar Media Group, Inc. (NXST) are rising more than 8% Wednesday following significant increase in its first-quarter earnings and sales.

Net income in the first-quarter rose to $156.92 million or $3.30 per share from $54.89 million or $1.15 per share in the same quarter a year ago. On average 8 analysts polled by Thomson Reuters were expecting $2.86.

Revenue increased 74.2% year-over-year $1.092 billion, beat estimates at $1.07 billion.

"while the coronavirus has presented serious challenges for the entire broadcast industry, Nexstar's leading local broadcast platform is well positioned to withstand this environment due to several factors including continued growth of distribution revenue and what are projected to be record levels of political spending in 2020," commented Perry A. Sook, Chairman, President and Chief Executive Officer of Nexstar Media Group.

NXST is currently trading at $70.50. It has traded in the range of $43.37- $133.25 in the last one year.