Investors Turn the Channel on CBS (CBS) as Q4 Revenue Falls Short
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Shares of CBS Corporation (NYSE: CBS) are trading down nearly 3 percent in Wednesday's after-hours session following quarterly results.
Sales were $3.78 billion for the fourth quarter of 2011, compared with $3.90 billion for the fourth quarter of 2010 and versus the Street consensus of $3.91 billion. Advertising revenue fell by 4.3 percent, Content licensing and distribution revenue declined by 4.8 percent and Affiliate and subscription fees revenue rose by 8 percent.
Adjusted operating income increased 11 percent from $632 million for the same quarter in 2010 to $701 million.
Adjusted net earnings from continuing operations were $384 million, or $0.57 per diluted share, up from $320 million, or $0.46 per diluted share, for the prior-year period. The Street’s consensus was calling for $0.53 per share in earnings.
The Company repurchased 7.0 million shares of CBS Corporation Class B Common Stock during the fourth quarter of 2011 for $170 million under its share repurchase program, bringing repurchases for the full year to 42.2 million shares for $1.02 billion.
Cash and cash equivalents at the end of the quarter grew 37.5 percent year over year to $660 million.
Free cash flow for the fourth quarter of 2011 reflected an outflow of $44 million compared to an inflow of $40 million for the fourth quarter of 2010.
"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."
"2011 was a record year for CBS, and we're confident 2012 will be even better," said Leslie Moonves, President and Chief Executive Officer, CBS Corporation. "In the fourth quarter, margins continued to expand, and EPS continued to grow. And we've recently taken strategic steps to accelerate our growth in what we see as an improving marketplace. We've reached another key retransmission agreement, and we've extended our NFL contract well into the future. In addition, the performance of the CBS Television Network in the first half of this season was the industry's best in decades. Plus, as the election season progresses and the automotive rebound continues, our local businesses will continue to improve.”
Sales were $3.78 billion for the fourth quarter of 2011, compared with $3.90 billion for the fourth quarter of 2010 and versus the Street consensus of $3.91 billion. Advertising revenue fell by 4.3 percent, Content licensing and distribution revenue declined by 4.8 percent and Affiliate and subscription fees revenue rose by 8 percent.
Adjusted operating income increased 11 percent from $632 million for the same quarter in 2010 to $701 million.
Adjusted net earnings from continuing operations were $384 million, or $0.57 per diluted share, up from $320 million, or $0.46 per diluted share, for the prior-year period. The Street’s consensus was calling for $0.53 per share in earnings.
The Company repurchased 7.0 million shares of CBS Corporation Class B Common Stock during the fourth quarter of 2011 for $170 million under its share repurchase program, bringing repurchases for the full year to 42.2 million shares for $1.02 billion.
Cash and cash equivalents at the end of the quarter grew 37.5 percent year over year to $660 million.
Free cash flow for the fourth quarter of 2011 reflected an outflow of $44 million compared to an inflow of $40 million for the fourth quarter of 2010.
"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."
"2011 was a record year for CBS, and we're confident 2012 will be even better," said Leslie Moonves, President and Chief Executive Officer, CBS Corporation. "In the fourth quarter, margins continued to expand, and EPS continued to grow. And we've recently taken strategic steps to accelerate our growth in what we see as an improving marketplace. We've reached another key retransmission agreement, and we've extended our NFL contract well into the future. In addition, the performance of the CBS Television Network in the first half of this season was the industry's best in decades. Plus, as the election season progresses and the automotive rebound continues, our local businesses will continue to improve.”
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