CBS Corporation set third-quarter records for earnings and revenue but fell just short of revenue expectations.
Company CEO Les Moonves said the company would look for opportunities to buy back stock and increase dividend payments. He also acknowledged lower ratings by saying they were "all over the place" for most networks, but said that the numbers were "atypical." He said CBS's ratings would improve, thanks in part to the Super Bowl.
CBS reported revenues of $3.42 billion. Analysts polled by FactSet had expected CBS to earn 61 cents per share on revenue of $3.49 billion, according to The Associated Press.
But adjusting for the exclusion of pretax loss on early extinguishment of debt, adjusted net earnings were 65 cents per diluted share, up 30 percent from the third quarter of 2011.
The company said it set third-quarter records for revenues, net earnings, and adjusted diluted core earnings. It also reported record third-quarter operating income of $771 million, operating income before depreciation and amortization of $898 million, and net earnings of $391 million.
The company said political ads would fuel fourth-quarter ad buys because campaigns had opted to wait until the fourth quarter -- starting Oct. 1 -- to dump money into ads.
More to come...
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