CBS Q4 Results Miss Street View

(RTTNews) - CBS Corp. (CBS) Thursday said its profit for the fourth quarter fell short of estimates, hurt largely by lower-than-expected revenues.

New York-based CBS reported fourth-quarter profit of $561 million or $1.49 per share, compared with last year's loss of $41 million or $0.41 per share.

Excluding items, CBS adjusted earnings rose to $1.50 per share from $1.20 per share last year. On average, 27 analysts polled by Thomson Reuters had expected earnings of $1.54 per share for the quarter. Analysts' estimates typically exclude special items.

CBS' said its revenue rose 3% to $4.02 billion from $3.92 billion last year. Analysts had a consensus revenue estimate of $4.19 billion.

"CBS delivered our best-ever quarterly and full year results as we continue to position our Company for even stronger long-term growth," said Joe Ianniello, President and Acting Chief Executive Officer.

Advertising revenues increased 7%, driven by record political advertising sales from the 2018 midterm elections, and the growth was achieved despite the absence of Thursday Night Football, which was broadcast by the CBS Television Network in 2017.

Entertainment revenues dropped to $2.83 billion from $2.86 billion, while cable networks grew to $551 million from $508 million last year. Publishing revenues decreased to $218 million from $235 million and local media rose to $561 million from $450 million.

CBS closed Thursday's trading at $49.13, up $0.70 or 1.45%, on the NYSE. The stock further dropped $0.55 or 1.12% in the after-hours trade.