CBS: 4Q Earnings Snapshot
CBS: 4Q Earnings Snapshot
NEW YORK (AP) _ CBS Corp. (CBS) on Thursday reported fourth-quarter net income of $561 million, after reporting a loss in the same period a year earlier.
The New York-based company said it had profit of $1.49 per share. Earnings, adjusted for one-time gains and costs, came to $1.50 per share.
The results did not meet Wall Street expectations. The average estimate of 27 analysts surveyed by Zacks Investment Research was for earnings of $1.53 per share.
The media company posted revenue of $4.02 billion in the period, which also did not meet Street forecasts. Twenty-seven analysts surveyed by Zacks expected $4.16 billion.
For the year, the company reported profit of $1.96 billion, or $5.14 per share. Revenue was reported as $14.51 billion.
CBS shares have increased 12 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 9.5 percent. In the final minutes of trading on Thursday, shares hit $49.10, a fall of 12 percent in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CBS at https://www.zacks.com/ap/CBS