CBS Dips Following Q4 Earnings Release
February 15, 2012 5:50 PM
Shares of CBS (NYSE: CBS) are trading lower in the after-hours following the release of the company's Q4 earnings results. Currently, shares are lower by 2.77%, trading at $28.75; they ended the regular session lower by 0.74%, at $29.57.
CBS reported Q4 EPS of $0.57 on revenues of $3.78 billion. Adjusted operating income for the fourth quarter of 2011 increased 11% to $701 million from $632 million for the same quarter in 2010.
"CBS's strategy of producing and distributing industry-leading content around the world and across multiple platforms continues to pay off," said Sumner Redstone, Executive Chairman, CBS Corporation.
"Our programming gets stronger every year, and our financial performance grows more and more robust. I am proud of the efforts of Leslie and his team, and I am certain CBS will continue to be a powerhouse throughout this year and beyond."
The company repurchased 7.0 million shares of CBS Corporation Class B Common Stock during the fourth quarter of 2011 for $170 million under its share repurchase program, bringing repurchases for the full year to 42.2 million shares for $1.02 billion.
CBS Corporation is a mass media company. CBS Corp. operates in segments, including Entertainment, Cable Networks, Publishing, Local Broadcasting and Outdoor.
