GO
Loading...

Enter multiple symbols separated by commas

CBS Swings to Profit in the Fourth Quarter

CBS swung to a profit in the fourth-quarter from a year ago period that included a major charge to write down the value of its television and radio businesses, the company said Tuesday.

CBS reported net income of $335 million, or 43 cents per share, in the October-December period. A year ago, the company reported a loss of $9.14 billion, or $12 per share. That included a charge of $9.48 billion for the asset impairment.

Adjusted to exclude items, earnings from continuing operations were $464 million, or 60 cents per share, versus $321.5 million, or 42 cents per share, a year ago.

The gain was driven by stronger results in television, outdoor advertising and publishing, which partially offset continued weakness at the company's radio unit.

Analysts, whose estimates typically exclude items, were looking for profit of 47 cents per share.

Revenue rose 2% to $3.88 billion from $3.79 billion a year ago and beat the Street's estimate of $3.83 billion.

The fourth quarter of 2005 was the first for CBS as a standalone company after it split from Viacom. The company also announced a buyback of $1.5 billion of its shares.

Contact U.S. News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Don't Miss

  • Piper Hoppe, 10, from Minnetonka, Minnesota, holds a sign at the doorway of River Bluff Dental in Bloomington, Minnesota, on July 29, 2015, during a protest against Cecil's killing.

    The U.S. Fish and Wildlife Service has been trying to find the man who shot a lion in Zimbabwe, but he is not responding.

  • Donald Trump

    From one real estate mogul about another: Don't underestimate Republican presidential candidate Donald Trump.

  • Rifle sight

    Hackers were able to exploit a sniper rifle's vulnerabilities and change the gun's target, according to Wired.

U.S. Video