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Nov. 3, 2015, 4:31 PM
- CBS is off 1.8% after hours, following Q3 results where it marked a solid profit beat despite revenues that missed slightly after dipping 3.3% from last year.
- Cable Network revenues took the brunt of the revenue fall, down nearly 16%.
- Revenue by segment: Entertainment, $1.93B (up 1%); Cable Networks, $526M (down 15.7%); Publishing, $203M (up 2%); Local Broadcasting, $638M (down 6.2%).
- Revenue by type: Advertising, $1.48B; Content licensing and distribution, $1.05B; Affiliate and subscription fees, $664M; other, $66M.
- Conference call to come at 4:30 p.m. ET.
Nov. 3, 2015, 4:08 PM
- CBS (NYSE:CBS): Q3 EPS of $0.88
- Revenue of $3.26B (-3.3% Y/Y)
- Shares -0.02%.
Nov. 2, 2015, 5:35 PM
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Aug. 5, 2015, 9:20 PM
- In the CBS earnings call, CEO Les Moonves conceded that the upfront ad volume was down this year, but expressed real confidence that the broadcaster was making it up in scatter buying.
- "We were once again the leaders in pricing, with mid-single-digit CPM increases," he said. "True, volume was not as robust as in years past ... people are just waiting longer to make their buying choices ... but right now we are seeing the scatter ad market accelerate rapidly in the third quarter with double-digit gains in pricing."
- Moonves expected the network to continue making gains throughout the upcoming TV season -- which he predicted CBS would win again.
- He also made good on a prediction during the last Super Bowl that his network would crest $5M for a 30-second ad during the 2016 game, saying the network was drawing that price now, after pulling a reported $4.6M-$4.7M as of last week.
- And in an environment where the threat of over-the-top services is driving down media stocks, Moonves welcomed the advent of unbundling. "I assure you that CBS is a must-have for each [streaming player] ... This is especially important, with any kind of skinny bundle that comes along -- and they are coming along -- these new bundles will increasingly pay us higher rates more in line with the large audiences who watch our content."
- Questioned on that, he said: "Guess what? Every skinny bundle deal that's out there ... the ecosystem gets validated toward 'He who has the most viewers gets the most money.' I know it's an odd concept for some of the cable companies, but that's the way it should be."
- "So any time there's a new bundle that you hear out there, you can assume that CBS is applauding it because we are gonna get paid more than we get paid by the traditional MVPDs."
- Shares were down 2% in the after-hours session.
- Previously: Cable networks, fees lead CBS to beat expected revenues, profits (Aug. 05 2015)
Aug. 5, 2015, 4:21 PM
- CBS is up 0.5% after hours following a Q2 beat on top and bottom lines on the strength of a big boost at its cable networks.
- Adjusted operating income was $641M, down 12.2% as the company invested more in programming and digital distribution.
- Affiliate and subscription fees were up 28%, aided by Showtime's score with the Mayweather/Pacquiao fight (highest grossing pay-per-view boxing event ever), and 40% growth in retransmission revenues from affiliates.
- Revenue by segment: Entertainment, $1.79B (down 2.7%); Cable Networks, $615M (up 19.2%); Publishing, $199M (down 5.7%); Local Broadcasting, $654M (down 1.7%).
- Revenues by type: Advertising, $1.59B (down 2.6%); Content licensing and distribution, $815M (down 9.7%); Affiliate and subscription fees, $752M (up 28.3%); Other, $58M (down 7.9%).
- Free cash flow was $435M, up from a year-ago $4M. For the six months, free cash flow of $835M was up from the prior year's $524M.
- Conference call to come at 4:30 p.m. ET
Aug. 5, 2015, 4:03 PM
- CBS (NYSE:CBS): Q2 EPS of $0.74
- Revenue of $3.22B (+0.9% Y/Y)
- Shares +0.18%.
Aug. 4, 2015, 5:35 PM
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May 7, 2015, 4:22 PM
- CBS is up 0.9% after-hours following a Q1 report where it beat expectations with record EPS though revenues declined slightly on lower local ad sales.
- Content licensing and distribution revenues decreased 4%, while affiliate and subscription fees increased 11%, driven by growth in rates.
- Revenues by segment: Entertainment, $2.26B (down 1.8%); Cable Networks, $539M (up 0.3%); Publishing, $145M (down 5%); Local Broadcasting, $596M (down 4.8%).
- Free cash flow was $400M, down from the prior year's $520M.
- CEO Les Moonves pointed to content wins, with "four of the top five new scripted series, all of which we have ownership in and can monetize in a growing number of ways. We will also win the season as the most-watched network in America, with a solid performance across all demographics at a time when others are facing ratings erosion."
- Chairman Sumner Redstone issued a statement to deny reports that his daughter Shari would take his place at CBS and Viacom (NASDAQ:VIA) when he dies: "Decisions about who will succeed me as chairman of CBS and Viacom will be made by the boards of the respective companies, and not by any individual," he wrote. "Despite press reports to the contrary, such decisions have not yet been made."
- Conference call at 4:30 p.m. ET
May 7, 2015, 4:04 PM
- CBS (NYSE:CBS): Q1 EPS of $0.78 beats by $0.03.
- Revenue of $3.5B (-2.0% Y/Y)
May 6, 2015, 5:35 PM
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Feb. 12, 2015, 4:41 PM
- CBS was trading 3.4% higher after hours as it logged revenues of $3.68B, a Q4 record for them, driven by 4% ad revenue gains they attributed to Thursday Night Football and political ads for the midterm elections.
- "A very strong quarter with growth in both revenue and EPS and at the heart of it all is the increased demand for our content," says President and CEO Les Moonves, pointing to the No. 1 broadcast network and expanding global reach for Showtime.
- Operating income fell to $707M (including restructuring charges of about $20M) compared with the prior year's $715M.
- Revenues by segment: Entertainment, $2.26B (up 2%); Cable Networks, $499M (up 4.6%); Publishing, $215M (down 4%); Local Broadcasting, $785M (up 9%); and Eliminations, -$78M.
- Revenue by type: Advertising, $2.15B (up 4%); Content licensing and distribution, $873M (down 2.8%); Affiliate and subscription fees, $601M (up 10.9%); Other, $60M.
- Free cash flow grew to $880M from the prior year's $280M. The company issued $1.75B in senior notes to roll over higher-interest debt in 2014.
- The firm doubled up on buybacks, repurchasing $800M in shares in Q4, and have a $1B buyback target for Q1.
Feb. 12, 2015, 4:07 PM
- CBS (NYSE:CBS): Q4 EPS of $0.77
- Revenue of $3.68B (+3.1% Y/Y)
- Shares +1.4%.
Feb. 11, 2015, 5:35 PM
Nov. 5, 2014, 5:09 PM
- CBS (NYSE:CBS) reports content and licensing revenue increased 4.3% to $1.14B in Q3.
- Revenue churned up by advertising was 1.6% higher at $1.548B.
- Most segments saw a decline in OIBDA, although local broadcasting got a boost from political spending and Thursday night football viewership which spilled over into news broadcasts.
- Higher fees tied to NFL deals were a factor in the company's lower OIBDA this year, although the solid football base helped several network shows launch successfully.
- Corporate expenses -39% to $50 with the year-ago period including extra stock-based compensation costs.
- CBS +2.9% AH.
Nov. 5, 2014, 4:24 PM
- CBS (NYSE:CBS): Q3 EPS of $0.74 beats by $0.02.
- Revenue of $3.37B (+2.1% Y/Y)
- Shares +0.50%.
CBS Corp operates businesses within the media and entertainment industries, including the CBS Television Network, cable networks, content production and distribution, television and radio stations, Internet-based businesses, and consumer publishing.
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