CBS Q4 Profit Down - Update

(RTTNews) - CBS Corp. (CBS, CBS-A) Thursday reported a drop in profit for the fourth quarter, hurt largely by one-time charges. However, on an adjusted basis, earnings for the three-month period increased on higher revenues across all major segments, except local broadcasting division.

The New York-based company's net earnings dropped to $261 million or $0.56 per share from $413 million or $0.80 per share last year.

The company said results for the quarter include several discrete items totaling $185 million or $0.39 per share.

Adjusted earnings from continuing operations were $436 million or $0.92 per share for the quarter.

Revenues for the fourth quarter grew 6 percent to $3.91 billion from $3.68 billion a year ago.

The company said the revenue growth was driven by a 16 percent increase in content licensing and distribution revenues, reflecting higher international television licensing sales. Affiliate and subscription fees grew 13 percent, driven by continued increases in retransmission revenues and fees from CBS Television Network affiliated stations.

Advertising revenues increased 1 percent, led by growth in network advertising, which was partially offset by the benefit to Local Broadcasting in 2014 from political revenues.

Entertainment revenues for the quarter rose to $2.46 billion from $2.26 billion, while Cable Networks revenues rose to $562 million from $499 million a year ago. Publishing revenues improved to $233 million from $215 million, while local broadcasting revenues declined to $719 million from $785 million last year.

CBS closed Thursday's trading at $43.57, up $0.69 or 1.61%, on the NYSE. The stock further dropped $0.57 or 1.31% in the after-hours trade.