logo-loader
viewCBS

CBS beats on revenue, EPS and on track for strong 2018, but Moonves drama lingers

CBS Corporation (NYSE:CBS) reported a slight beat on second quarter 2018 revenue and earnings per share while forecasting the company is on track for strong growth in 2018. But charges of sexual misconduct against chief executive Les Moonves hung over the network.

TV channel
CBS reports upbeat revenue, but Moonves cloud hangs over network

CBS Corporation (NYSE:CBS) reported a slight beat on second quarter 2018 revenue and earnings per share while forecasting the company is on track for strong growth in 2018 due to higher affiliate, transmission and re-transmission fees.

CBS said second-quarter revenue increased 6% year-over-year to US$3.47bn, slightly above the consensus at US$3.46bn. Adjusted diluted EPS increased 8% to US$1.12 from US$1.04, and against the average estimate of US$1.11.

The company's results were overshadowed by the fallout from sexual abuse allegations against chief executive Les Moonves.

READ: CBS shares fall on news of exposé alleging sexual misconduct by CEO Les Moonves

The impact of the numbers on the shares was almost negligible. At Thursday's close, CBS rose US$0.17 to US$52.72. It was US$0.25 off at US$52.47 in after-hours trading.

"During the quarter, each of our three revenue types enjoyed solid growth, led by affiliate and subscription fees, where we continue to see healthy gains in both traditional distribution and new digital platforms," Moonves said.

Operating income for the second quarter of 2018, which included costs for restructuring and other corporate matters, decreased 4% to US$659 million from US$690 million for the same prior-year period. Adjusted operating income was up 1% to US$694 million from US$690 million for the same prior-year period, reflecting the revenue growth, which was offset by a higher investment in programming and digital initiatives, CBS said in a statement.

CBS is a mass media company that is the most widely watched television network in the US.

Quick facts: CBS

Price: - -

NYSE:CBS
Market: NYSE
Market Cap: -
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Klondike Gold finishes drill program at Lone Star and Stander Zones

Klondike Gold Corp (CVE: KG- OTC PINK: KDKGF) President and CEO Peter Tallman joined Steve Darling from Proactive Vancouver with news the company has completed their drill program on two key targets. The Lone Star and Stander Zones. Tallman telling Proactive what was done at each zone and...

6 minutes ago

2 min read