CBS Q3 Earnings Surpass Estimates, Revenues Increase Y/Y
Zacks Investment Research | Nov 12, 2019 09:26PM ET
CBS Corporation (NYSE:CBS) reported third-quarter 2019 adjusted earnings of 95 cents per share that beat the Zacks Consensus Estimate by 4.4% but decreased 23.4% year over year.
Revenues inched up 1% from the year-ago quarter to $3.30 billion, surpassing the consensus mark by 2.2%.
Advertising revenues (35.7% of total revenues) declined 6.8% year over year to $1.18 billion due to a lack of political advertising sales.
Content licensing & distribution revenues (28.5% of total revenues) were up 0.6% to $939 million, primarily due to higher sales of series produced for third parties.
Affiliate and subscription fees (34.1% of total revenues) rose 11.5% year over year to $1.12 billion. CBS stated that direct-to-consumer revenues from CBS All Access and Showtime OTT grew 39% year over year, driven by a strong slate of original programming. Additionally, virtual MVPD revenues grew 18%.
However, other revenues declined 6.8% year over year to $55 million.
The Walt Disney Company (NYSE:DIS) Price, Consensus and EPS Surprise
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