Shares of New York City-based mass media company, CBS Corp. (NYSE: CBS), have edged higher in early trading today after it reported record fourth-quarter financial results.
For the fourth quarter ended December 31, 2012, CBS reported revenue of $3.70 billion, representing an increase of 2% over the same period in the previous year. The year-over-year increase was driven by a 3% rise in advertising revenues. The company’s affiliate and subscription fee revenue jumped 9% in the quarter, driven by growth at Cable Networks. Content licensing and distribution revenue for the quarter fell 7%.
CBS reported fourth-quarter adjusted OIBDA of $866 million, representing an increase of 6% over the same period in the previous year. The company’s operating income for the quarter was $726 million, up 12% over the same period in the previous year.
Adjusted net earnings from continuing operations for the fourth quarter were $414 million, or $0.64 per share, compared to $377 million, or $0.56 per share reported for the same period in the previous year. Reported net earnings from continuing operations were $403 million, or $0.62 per share, compared to $351 million, or $0.52 per share reported for the same period in the previous year.
For the full year 2012, CBS reported revenue of $14.09 billion, up 3% over 2011. The company’s adjusted diluted earnings per share from continuing operations for the quarter were $2.55.
Sumner Redstone, Executive Chairman of CBS Corp., said that the company has turned in another quarter of exceptional performance, capping off another terrific year. Redstone noted that the company’s results speak to the strength of its strategy—producing and distributing great content and monetizing it over and over again.
CBS shares rose to a 52-week high of $45.86 today, and at last check, the stock was trading 3.05% higher at $44.25 on volume of 1.67 million.
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