CBS Corp. Q4 Profit Decreases; Revenues Up 3% - Quick Facts

(RTTNews) - CBS Corporation (CBS) reported fourth-quarter net income from continuing operations of $402 million or $0.77 per share, compared to $422 million or $0.69 per share, prior year. Operating income was $707 million compared to $715 million for the same prior-year period. The company noted that its operating income and net earnings from continuing operations for the fourth quarter of 2013 included restructuring charges of $20 million. Adjusted net earnings from continuing operations was $434 million or $ $0.71 per share for the prior-year period.

CBS said the increase in EPS was driven by lower weighted average shares outstanding from the split-off of Outdoor Americas on July 16, 2014, as well as the ongoing share repurchase program.

Revenue increased to $3.68 billion from $3.57 billion last year. The growth was driven by a 4% increase in advertising revenues, led by the broadcast of Thursday Night Football on CBS and political revenues associated with midterm elections.