After the bell on Thursday, mass media giant CBS Corporation (CBS) said it saw a rise in fourth quarter profit and revenue, but these results missed the Wall Street view.
The New York-based company reported an increase to its fourth quarter earnings, coming in at $393 million, or 60 cents per share, from $370 million, or 55 cents per share, in the same quarter a year earlier.
Net earnings from continuing operations were $403 million, or 62 cents per share, up from $351 million, or 52 cent per share, a year earlier. Adjusting for certain items, earnings from continuing operations were $414 million, or 64 cents per share. This missed the analyst view of 69 cents per share according to Thomson Reuters.
Quarterly revenue rose about 2% to $3.70 billion from $3.61 billion in the fourth quarter of 2011. Again, this result was a miss as analysts were expecting revenue to be $3.79 billion.
Despite the earnings misses, the company is said to be in a good position going forward. Some analysts point out that the miss was due to one-off circumstances; CBS should be positively effected by overseas TV show sales and continued Web video services in the future.
CBS shares were down 78 cents, or -1.82%, during pre-market trading on Friday. Over the past year, the stock is up +43.61%.
The Bottom Line
Shares of CBS Corp (CBS) have a dividend yield of 1.12% based on last night’s closing price of $42.94 and the company’s annualized dividend payout of 48 cents per share.
CBS Corporation (CBS) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.