CBS 4Q results fall short of expectations

Print
Email
|

Associated Press

Posted on February 14, 2013 at 5:00 PM

Updated Thursday, Feb 14 at 5:02 PM

LOS ANGELES (AP) — CBS Corp.'s revenue and earnings grew in the final quarter of the year, but the results fell short of analysts' forecasts, sending shares down in after-market trading.

Net income in the three months through Dec. 31 came to $393 million, or 60 cents per share. That's up from $370 million, or 55 cents per share, a year earlier.

Excluding discontinued operations, adjusted earnings came to 64 cents per share. That was below the 69 cents expected by analysts polled by FactSet.

Revenue grew 2 percent to $3.7 billion, below the $3.83 billion analysts were expecting.

The company also said it would double its share buyback program by $1 billion in 2013.

CBS' stock declined $1.04, or 2.4 percent, to $41.89 in after-hours trading.

Print
Email
|