This one comes from dreary London day at Heathrow airport, en route to Delhi: CBS Corp. swung to a profit in Q4 from a year ago period…it had a net income of $335 million, compared to a loss of $9.14 billion (last year included a charge of $9.48 billion for the asset impairment). Revenues rose 2 percent to $3.88 billion from $3.79 billion a year ago and beat the Street’s estimate of $3.83 billion. Release.
Nothing was mentioned about digital revenues at the company, indicative of how inconsequential the numbers still are compared to overall…maybe they will have more in the earnings call.
Other details:
—the board has approved a $1.5 billion share repurchase program which will commence this quarter.
—growth of 3 percent at TV, 10 percent at Outdoor and 7 percent at Publishing was partially offset by an 8 percent decline at Radio.