By Lisa Richwine
LOS ANGELES Nov 6 CBS Corp recorded a
higher profit that met Wall Street expectations as the company
collected more revenue from advertising and the licensing of
television shows including hits "NCIS: Los Angeles" and "The
CBS on Wednesday posted diluted earnings per share of 76
cents for the third quarter, in line with the average projection
of analysts surveyed by Thomson Reuters I/B/E/S. The company
reported 64 cents per share a year earlier.
Net earnings from continuing operations rose to $469
million, a 12 percent gain from $420 million in the same period
last year, the company said.
Chief Operating Officer Joseph Ianniello, on a conference
call with analysts, said CBS will increase its share buybacks
during the fourth quarter. The company expects to have
repurchased $2.2 billion worth of stock this year when the
buybacks are complete, he said.
Shares of CBS fell 1.9 percent to $58.50 in after-hours
trading, down from their $59.62 close on the New York Stock
CBS draws more overall viewers than any other U.S. broadcast
network with its stable of hits such as "The Big Bang Theory"
and "NCIS." The company also operates Showtime and other cable
channels, the publishing house Simon & Schuster, and radio
During the quarter, CBS stations went dark for a month on
Time Warner Cable systems in major markets as the two
companies battled over a new carriage agreement. Last week, Time
Warner Cable said it lost 304,000 net video customers during the
September quarter that included the blackout.
The dispute did not harm CBS earnings, Chief Executive
Leslie Moonves told analysts on Wednesday. "The fact is that the
blackout did not negatively affect our company's third quarter
results," Moonves said during the conference call.
For the just-ended quarter, advertising revenue rose 4
percent during the quarter, CBS said, including a 13 percent
gain at the CBS broadcast network. Content licensing and
distribution revenue climbed 18 percent, driven by sales of
dramas "NCIS: Los Angeles" and "The Good Wife."