Nexstar Broadcasting Group (NXST) saw its stock soar by 15.14% in pre-market trading on Thursday, following the company's release of its fourth-quarter and full-year 2024 financial results. The surge was driven by Nexstar's record-breaking quarterly performance, fueled by strong revenue growth and improved profitability.

The key highlights from Nexstar's Q4 earnings report included:

• Record net revenue of $1.49 billion, up 14.1% year-over-year, driven by a 29.6% increase in advertising revenue due to higher political advertising.
• Net income of $229 million, a remarkable 129% increase from the prior year, leading to diluted earnings per share of $7.56, up from $3.32 in Q4 2023.
• Adjusted EBITDA of $628 million, a 39.9% jump compared to the same period last year, with the Adjusted EBITDA margin expanding to 42.2% from 34.4%.
• Strong free cash flow generation, with Adjusted Free Cash Flow of $411 million, an increase of 67.8% year-over-year.

The impressive financial performance can be attributed to Nexstar's strategic initiatives, including the successful renewal of its NBC Television Network affiliations and the acquisition of WBNX-TV in Cleveland, creating a duopoly in the 19th largest television market. Additionally, the company's national television properties, such as The CW and NewsNation, saw significant viewership growth, contributing to the overall revenue increase.