UPDATE 1-CBS quarterly profit rises on advertising, cable fees
Feb 14 (Reuters) - CBS Corp reported a higher profit for the fourth quarter on Thursday, boosted by political advertising at its flagship broadcast network and higher affiliate and subscription fees at cable channels.
Net earnings rose to $393 million, or 60 cents a share, from $370 million, or 55 cents a share, in the year-ago quarter. Revenue rose 2 percent to $3.61 billion.
On an adjusted basis, CBS reported earnings of $414 million, up from $377 million a year earlier. Adjusted earnings per share reached 64 cents, the company said.
Content licensing and distribution revenue fell 7 percent from a year earlier, primarily due to the timing of payments for online streaming of CBS shows, the company said.
CBS also announced plans to repurchase an additional $1 billion of its Class B common stock in 2013, a near doubling of its earlier buyback commitment.
CBS shares fell 1.7 percent to $42.20 in after-hours trading, down from their close at $42.94 on the New York Stock Exchange.
- More troops deployed in Ferguson to guard against fresh riots |
- Merkel hits diplomatic dead-end with Putin
- Jewish-nation bill frays Israel's delicate social fabric
- Ukraine reports new arrivals of Russian supplies for eastern rebels |
- Gunshots echo as violence returns to Ferguson, protests across U.S.
We are living longer but not creating financial plans to keep pace. Advisers give tips on how to make sure you don’t outlive your money. Video