CBS Corp Earnings: Sees Profit Move Up
S&P 500 (NYSE:SPY) component CBS Corporation (NYSE:CBS) reported net income above Wall Street’s expectations for the fourth quarter. CBS is a mass media company with operations in entertainment, cable networks, publishing, local broadcasting, and radio.
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CBS Earnings Cheat Sheet for the Fourth Quarter
Results: Net income for the broadcasting company rose to $370 million (55 cents per share) vs. $283 million (41 cents per share) in the same quarter a year earlier. This marks a rise of 30.7% from the year earlier quarter.
Revenue: Fell 3% to $3.78 billion from the year earlier quarter.
Actual vs. Wall St. Expectations: CBS Corporation reported adjusted net income of 57 cents per share. By that measure, the company beat the mean estimate of 53 cents per share. It fell short of the average revenue estimate of $3.91 billion.
Quoting Management: “CBS’s strategy of producing and distributing industry-leading content around the world and across multiple platforms continues to pay off,” said Sumner Redstone, Executive Chairman, CBS Corporation. “Our programming gets stronger every year, and our financial performance grows more and more robust. I am proud of the efforts of Leslie and his team, and I am certain CBS will continue to be a powerhouse throughout this year and beyond.”
The company has now topped analyst estimates for the last four quarters. It beat the mark by 4 cents in the third quarter, by 13 cents in the second quarter, and by 10 cents in the first quarter.
A year-over-year revenue decrease last quarter snaps a streak of two consecutive quarters of revenue increases. Revenue rose 2% in the third quarter and 7.7% in the second quarter.
Looking Forward: Expectations for the company’s next quarter performance are higher than they were ninety days ago. Over the past three months, the average estimate for the first quarter of the next fiscal year has risen to 43 cents per share from 42 cents. The average estimate for the fiscal year is $1.89 per share, a rise from $1.88 ninety days ago.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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