CBS Corp. (NYSE: CBS) reports Friday that the company earned a profit in its second-quarter that beat analysts’ estimates, citing that advertising sales are improving.
WPPS, a leading financial publication, is pleased to alert investors of stocks on the move. Sign Up for our Free Stock Newsletter
CBS, the only major broadcaster to gain prime-time viewers this year, reported revenues of $3.01 billion, compared to $3.39 billion last year, and free cash flow of $351.7 million.
The television company saw its revenue decline across the board, except Interactive segment, where sales increased significantly to $126.4 million due to acquisition of CNET Networks last year.
Television and Radio divisions’ revenue fell 10 percent and 23 percent to $1.95 billion and $322 million, respectively, due to the slump in advertising demand.
Revenue in the Outdoor segment revenue also dropped 27 percent to $434.1 million for sluggishness in advertising and a stronger US dollar. In constant dollars, Outdoor sales slipped 21 percent. Publishing revenue fell 2 percent to $181.4 million due to the negative impact of exchange-rate fluctuation.
CBS gets more than two-thirds of revenue from advertising, the most of any diversified
The sluggish advertising market continues to hurt total revenue, which declined 11 percent to $3.0 billion. However, CBS saw 3 percent improvement in quarterly revenue compared with a 14 percent drop in the first quarter of 2009.
The company reaffirmed its forecast for 2009 operating income before interest, depreciation and amortization of $1.73 billion to $1.93 billion.
Second-quarter profit of 8 cents a share, excluding some items, topped the 7-cent average of 18 analysts’ estimates compiled by Bloomberg. Net income fell to $15.4 million from $408.4 million a year earlier, the company announced yesterday after
CBS surged $2.13, or 25 percent, to $10.67 at 12:53 p.m. in New York Stock Exchange composite trading. The shares advanced as high as $11.23 for the biggest intraday gain since the company split from Viacom Inc. at the end of 2005.
Sign Up for WPPS’s Free Small Cap Newsletter! To subscribe please enter your email address in the frame at the bottom of this page or visit us at our website.
Subscribe at the bottom of this page.
About Us
WePickPennyStocks is a leading stock web site that provides free stock alerts on stocks that are poised to make big gains. We also track small cap companies that could be on the brink of a massive breakout. To feature a company on our web site please contact us at the email listed below.
WPPS is an independent electronic publication that provides information on selected publicly traded companies. This publication is not a registered investment advisor or broker-dealer. Our affiliates, officers, directors and employees may buy and sell additional shares in any company mentioned herein and may profit in the event those shares rise in value. Please do your own Due Diligence before investing in any of the stocks mentioned above. View our full disclaimer.
