CBS turns in strong fourth-quarter earnings
With the advertising market surging, politicians throwing money around in advance of last November's elections and favorable comparisons over 2009, CBS on Wednesday reported fourth-quarter earnings that were more than quadruple from the same period a year earlier.
For the quarter ended Dec. 31, CBS posted net income of $283 million, or 41 cents a share, up from $58.8 million, or 9 cents a share, from the fourth quarter of 2009 when the broadcasting company was hobbled by a string of impairment charges.
Revenue was up 11% to $3.9 billion.
"Every one of our businesses contributed to our best results of the year," CBS Chief Executive Leslie Moonves told investors during a conference call. "The resurgence in local advertising was the story."
CBS Chief Financial Officer Joseph Ianniello said television station advertising was up 28% for the quarter. Company-wide, ad revenue was up 12%. Even CBS' radio division, which in recent years has put a drag on the company's earnings, posted double-digit growth.
-- Meg James