CBS Corp. Beats On Fourth-quarter Earnings

By Caitlin Huston Markets MarketWatch Pulse

CBS Corp. reported a fourth-quarter net loss Wednesday of $271 million, or a loss of 26 cents per share, after net income of $261 million, or earnings of 55 cents per share, in the year-earlier period. It reported adjusted earnings per share of $1.11, above the FactSet consensus of $1.10. CBS reported revenue of $3.52 billion, down from $3.59 billion in the year-earlier period. The FactSet revenue consensus was $3.95 billion. CBS said it was presenting its CBS Radio earnings as part of discontinued operations as the radio segment agreed to merge with a subsidiary of Entercom Communications Corp. on February 2. Shares of CBS were down less than 1% in after hours trade Wednesday. Shares of CBS have gained 10% in the past three months, compared to the S&P 500's gain of 7.7%.

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