CBS Corp. (CBS) Reports In-Line Q4 EPS
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Basic net earnings per common share (in dollars per share): 1.08
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CBS Corp. (NYSE: CBS) reported Q4 EPS of $0.92, in-line with the analyst estimate of $0.92. Revenue for the quarter came rose 6% to $3.91 billion versus the consensus estimate of $3.8 billion.
"We had a terrific fourth quarter, and CBS is now in position to build strong momentum throughout 2016," said Leslie Moonves, Chairman, President and Chief Executive Officer, CBS Corporation. "Our base businesses are growing well, thanks to the strength of our premium content and the continued improvement in the advertising marketplace. In addition, with Super Bowl 50 here in the first quarter and political spending ramping up into the fourth, we expect 2016 will be a very good year for advertising. At the same time, our other high-margin revenue streams continue to thrive. Retransmission consent and reverse compensation are set to hit $1 billion in 2016 — a year earlier than expected — and are on pace to surpass $2 billion in 2020. The international market is extremely exciting as well, with demand for our CBS programming higher than ever and new deals that are changing the way we license the Showtime brand overseas. Plus, our new streaming services — CBS All Access, CBSN, and Showtime over the top — are attracting a whole new set of younger viewers on better economic terms. So no matter how quickly the digital world changes — and no matter how viewers want their content — CBS is positioned to succeed."
Three Months Ended | Twelve Months Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
Revenues by Segment | 2015 | 2014 | 2015 | 2014 | |||||||||||
Entertainment | $ | 2,460 | $ | 2,260 | $ | 8,438 | $ | 8,309 | |||||||
Cable Networks | 562 | 499 | 2,242 | 2,176 | |||||||||||
Publishing | 233 | 215 | 780 | 778 | |||||||||||
Local Broadcasting | 719 | 785 | 2,607 | 2,756 | |||||||||||
Eliminations | (64) | (78) | (181) | (213) | |||||||||||
Total Revenues | $ | 3,910 | $ | 3,681 | $ | 13,886 | $ | 13,806 | |||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
Revenues by Type | 2015 | 2014 | 2015 | 2014 | |||||||||||
Advertising | $ | 2,159 | $ | 2,147 | $ | 7,018 | $ | 7,204 | |||||||
Content licensing and distribution | 1,014 | 873 | 3,903 | 3,990 | |||||||||||
Affiliate and subscription fees | 680 | 601 | 2,724 | 2,362 | |||||||||||
Other | 57 | 60 | 241 | 250 | |||||||||||
Total Revenues | $ | 3,910 | $ | 3,681 | $ | 13,886 | $ | 13,806 | |||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
Segment Operating Income (Loss) | 2015 | 2014 | 2015 | 2014 | |||||||||||
Entertainment | $ | 347 | $ | 253 | $ | 1,294 | $ | 1,316 | |||||||
Cable Networks | 228 | 241 | 945 | 974 | |||||||||||
Publishing | 34 | 25 | 114 | 101 | |||||||||||
Local Broadcasting | 232 | 292 | 765 | 878 | |||||||||||
Corporate | (94) | (104) | (275) | (295) | |||||||||||
Adjusted Operating Income | 747 | 707 | 2,843 | 2,974 | |||||||||||
Restructuring charges | (26) | — | (81) | (26) | |||||||||||
Impairment charges | (484) | — | (484) | (52) | |||||||||||
Gain on sales of businesses | 120 | — | 139 | — | |||||||||||
Total Operating Income | $ | 357 | $ | 707 | $ | 2,417 | $ | 2,896 | |||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
Depreciation and Amortization | 2015 | 2014 | 2015 | 2014 | |||||||||||
Entertainment | $ | 31 | $ | 34 | $ | 126 | $ | 139 | |||||||
Cable Networks | 6 | 6 | 23 | 23 | |||||||||||
Publishing | 2 | 2 | 6 | 6 | |||||||||||
Local Broadcasting | 19 | 21 | 79 | 87 | |||||||||||
Corporate | 7 | 8 | 30 | 26 | |||||||||||
Total Depreciation and Amortization | $ | 65 | $ | 71 | $ | 264 | $ | 281 |
For earnings history and earnings-related data on CBS Corp. (CBS) click here.
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