Media giant CBS Corporation ( CBS ) late Wednesday posted better-than-expected fourth quarter earnings, propelled by an uptick in licensing and ad revenue.
The New York-based company reported fourth quarter net income of $283 million, or 41 cents per share, compared with just $59 million, or 9 cents per share, in the year-ago period. Last year's results were hampered by some $200 million in one-time items.
Excluding special items in the latest quarter, adjusted profit was 46 cents per share. Meanwhile, revenue surged 11% from last year to $3.9 billion.
On average, Wall Street analysts expected a smaller profit of 43 cents per share, on slightly lower revenue.
CBS shares were mostly flat in premarket trading Thursday.
The Bottom Line
Shares of CBS Corp ( CBS ) have a .90% dividend yield, based on last night's closing stock price of $22.10. The stock has technical support in the $19-$20 price area. If the shares can firm up, we see overhead resistance around the $25 price level.
CBS Corporation ( CBS ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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