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CBS Q3 Profit Rises, Beating View; Revenue Misses (CBS)

By Dividend.com,  November 04, 2011, 08:45:57 AM EDT

Entertainment giant CBS Corporation ( CBS ) late Thursday posted a 9% gain in third quarter profits, beating analysts' view, although its revenue total missed expectations.

The New York-based company reported third quarter net income of $338 million, or 50 cents per share, compared with $317 million, or 46 cents per share, in the year-ago period.

Revenue rose 2% from last year to $3.37 billion.

On average, Wall Street analysts expected a smaller profit of 46 cents per share, albeit on higher revenue of $3.44 billion.

Separately, the company announced a $1.5 billion share buyback plan.

CBS shares were unchanged in premarket trading Friday.

The Bottom Line
Shares of CBS Corporation ( CBS ) have a 1.63% dividend yield, based on last night's closing stock price of $24.52. The stock has technical support in the $20-$22 price area. If the shares can firm up, we see overhead resistance around the $26-$28 price levels.

CBS Corporation ( CBS ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Stocks

Referenced Stocks: CBS



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