Broadcasting giant CBS Corporation (CBS) late Wednesday posted mixed third quarter earnings results, as profit beat Wall Street expectations but revenue fell short.
The New York-based company reported third quarter net income of $391 million, or 60 cents per share, compared with $338 million, or 50 cents per share, in the year-ago period. Excluding special items, adjusted profit was 65 cents per share.
Revenue rose 1.6% from last year to $3.42 billion.
On average, Wall Street analysts expected a smaller profit of 61 cents per share, albeit on higher revenue of $3.49 billion.
CBS shares rose 70 cents, or +2.1%, in premarket trading Thursday. The stock has gained about 25% year-to-date.
The Bottom Line
Shares of CBS Corporation (CBS) have a 1.41% dividend yield, based on last night’s closing stock price of $34.00. The stock has technical support in the $30-$32 price area. If the shares can firm up, we see overhead resistance around the $36-$38 price levels.
CBS Corporation (CBS) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.