• by Wayne Friedman , November 8, 2016

Growing TV station group Nexstar Broadcasting Group posted strong gains for its core local and national spot TV advertising revenue.

The company, which grew 4.4% to $131.4 million during the period, said its third-quarter earnings results were “among the best in the industry.” All this occurred despite having allocated much inventory to political advertising -- at the lowest possible price -- as required by law.

Nexstar said four of its top six core advertising categories -- including automotive -- were flat or increased during the period.

Looking at political advertising specifically, Nexstar pulled in $25.5 million versus $2.6 million in the third quarter of 2015 -- nearly a tenfold gain. Political was also up 40% over the 2014 mid-term election cycle. Nexstar expects a $50 million political spend in the fourth quarter.

Retrans revenue grew 23% to $98.3 million -- now higher than its local ad media revenue, which was $94.9 million. “These higher margin revenue streams increasingly diversify our revenue while complementing our core television operations,” stated Perry Sook, chairman, president/chief executive officer of Nexstar.

Overall Nexstar revenue was up 24% to $275.7 million, and net income from operations grew 51% to $72.9 million.

The company’s mid-day Tuesday stock price was up 3.4% to $50.20.

Nexstar has yet to complete its merger with Media General, which should be completed in the third quarter 2017; the company will take on a new name -- Nexstar Media Group.