Earnings Analysis - CBS Corp.

LONDON, August 19, 2014 /PRNewswire/ --

Investor-Edge.com has issued free post-earnings report and analysis on CBS Corporation (NYSE: CBS) after the company featured in the headlines on Thursday, August 07, 2014 with its Q2 2014 financial results. The company's adjusted diluted earnings per share (EPS) rose 4% year-over-year in Q2 2014. Additionally, CBS Corp. has raised its Q3 2014 dividend by 25% sequentially. Our free coverage report can be accessed at:

http://www.investor-edge.com/register

Earnings Overview 

For Q2 2014, the company's total operating income before depreciation and amortization came in at $801 million, down 6% year-over-year from $848 million. The total operating income also declined 6% year-over-year to $730 in Q2 2014 from $775 million. CBS Corp.'s Q2 2014 free cash flow came in at $4 million, below the $367 million of free cash flow reported in Q2 2013. On April 02, 2014, CBS's outdoor business "Outdoor Americas" raised $615 million, net of underwriting discounts and commissions, through an initial public offer (IPO), in which it sold 23 million shares, or approximately 19% of its common stock, for $28.00 per share. Furthermore, on July 16, 2014, CBS Corp. completed a tax-free split-off of its outdoor business after exchanging its 81% stake, or 97.0 million shares of Outdoor Americas for 44.7 million shares of CBS Corp. Class B Common Stock. The free research on CBS can be downloaded as in PDF format at:

http://www.Investor-Edge.com/CBSFreeReport

During the reported quarter, CBS Corp. repurchased 7.0 million Class B Common Stock shares for $411 million and has further announced to increase the amount available under its share repurchase program from $3 billion to $6 billion. The company has repurchased 162 million shares of its Class B Common Stock for $6.80 billion since January 2011 till June 30, 2014. CBS Corp. has also announced to increase the quarterly dividend from $0.12 per share paid in the previous quarter to $0.15 per share, payable on October 1, 2014, to shareholders of record on September 10, 2014.

The company generated $1,835 million of revenues from its Entertainment segment in Q2 2014, down $173 million year-over-year from $2,008 million. Local Broadcasting segments' Q2 2014 revenue also declined from $698 million in Q2 2013 to $665 million. During the second quarter 2014, Cable Networks' revenues came in at $516 million, marginally below $518 million reported in Q2 2013. Meanwhile, the CBS Corp.'s publishing segment revenue grew from $189 million in Q2 2013 to $211 million in the second quarter of 2014.

Leslie Moonves, President and Chief Executive Officer at CBS Corporation said that the company's high-margin and fast-growing revenue streams have persistently driven its EPS. The CEO stated that the Outdoor Business spinoff will help the company to increase its focus on its core content business, and the Supreme Court ruling will also enable the company to achieve $2 billion in retransmission consent and station affiliate fees in 2020. Mr. Moonves added that the company's strategy of producing more original programming is paying off at Showtime as it has successfully premiered nine new shows in a row and more shows are lined up for the fall. He further asserted that the company's strong confidence on its business has helped it to expand treturn value to shareholders.

During the quarter, the New York-based media corporation reported total revenues of $3,188 million, compared with $3,369 million in Q2 2013 and Bloomberg analysts' expectations of $3,234 million. Net earnings from continuing operations came in at $418 million for the second quarter of 2014, compared to $435 million in the prior-year period. Bloomberg estimated adjusted net income for the quarter to be $415.13 million. CBS Corp. reported adjusted diluted EPS of $0.78 in Q2 2014, which is above adjusted diluted EPS of $0.75 in the year-ago period and Bloomberg adjusted diluted EPS estimate of $0.72. The company's net earnings for the reported period stood at $439 million, or $0.76 per diluted share, compared to $472 million, or $0.76 per diluted share in the comparable prior-year quarter. Sign up and read the free analyst's notes on CBS at:

http://www.Investor-Edge.com/CBS-19082014

Stock Performance  

On Friday, August 08, 2014, a day after the earnings release, CBS Corp.'s shares surged 4.09% to close the session at $59.23. On the last close, Monday, August 18, 2014, the company's shares further edged 0.40% higher to end the day at $60.23. The stock oscillated between $60.11 and $60.73 during the trading session. A total of 5.93 million shares were traded, which was much below the three months average volume 14.05 million shares. CBS Corp.'s shares have advanced 1.50% in the previous three trading sessions and 5.61% in the last three months, while the stock has fallen by 5.51% on YTD basis. The stock is trading above its 50-day moving average of $60.21, while the 50-day moving average is below CBS Corp.'s 200-day moving average of $60.68. The stock traded at a PE ratio of 19.82 and has a Relative Strength Index (RSI) of 54.23.

Visit Investor-Edge and access the latest research on CBS at:

http://www.Investor-Edge.com/CBSEarningsCoverage

Sneak Peek to Corporate Insider Trading  

In the last one month, CBS Corp. has not reported any share transactions by insiders to the U.S. Securities and Exchange Commission (SEC). Complimentary in-depth research on CBS is available at:

http://www.Investor-Edge.com/CBSInsiderTrading

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