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CBS Beats Expectations, lifts its advertising rates
By Caroline Mittermair for CEOWORLD Magazine Updated:November 6, 2009
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CBS Corp. (CBS.N) posted third quarter net income of $207.6 million, compared to a net loss of $12.46 billion in the same quarter last year. Earnings per share for the period were $0.30, compared to a loss of $18.58 per share in last year period.
Analysts had expected CBS to report a profit of 22 cents a share on a topline of $3.195 billion.
CBS posted a quarterly profit of $207.6 million including one-time charges and benefits that boosted the bottom line by $38.1 million. In the year-ago period, CBS had posted a loss of $12.46 billion due to impairment charges, or a profit of $265.9 million when excluding them.
Despite continued softness in local advertising, Moonves was bullish, saying he expected CBS’ TV advertising to grow this quarter and into 2010. That’s because the company’s marquee asset, the CBS TV network, has gotten off to a solid start for the new season, sparking demand for the network’s commercial time.
Last summer, when CBS sold the bulk of its commercial inventory for the season, the economy was shaky and advertisers held down spending. As a result, CBS did not sell as much ad time in advance as it has in previous years.
Quarterly revenue declined only minimally from $3.38 billion to $3.35 billion. TV unit revenue rose 9%, but TV ad revenue fell 5% amid continued weakness in the local ad market and weaker political ad sales.
CBS is particularly vulnerable to advertising, with about 65 percent of its revenue typically coming from it. But Chief Executive Les Moonves, in a conference call, said he saw better trends in both the economy and advertising. He affirmed the company’s full year profit outlook.
CBS, which is based in New York, posted net income of $208 million, reversing a $12.5 billion loss a year ago in a quarter that was marred by impairment charges.
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