Revenues were up 12% to $3.92 billion in Q1 for CBS Corporation, with Executive Chairman Sumner Redstone and CEO Les Moonves hailing it as a record quarter for the company. Entertainment, including the CBS Television Network, and Cable Networks led the charge.
Operating income before depreciation and amortization (OIBDA) shot up 34% to $733 million. Net earnings were $363 million, or 54 cents per share, up from $202 million, or 29 cents per share, a year earlier.
But while it was a big quarter for the company’s national TV platforms, performance was less impressive for the local TV stations and CBS Radio.
“Local Broadcasting revenues of $622 million in the first quarter of 2012 remained flat compared with the same prior-year period. Increased spending by automotive manufacturers and retailers as well as higher retransmission revenues were offset by lower advertising spending from the utilities and service industries. For the first quarter of 2012, CBS Television Stations revenues increased 2% from the same quarter last year, while CBS Radio revenues decreased 2%,” the company reported. “Local Broadcasting OIBDA before impairment charges for the first quarter of 2012 increased 1% to $171 million from OIBDA of $169 million for the same prior-year period, primarily driven by the revenue growth. OIBDA before impairment charges excludes a first quarter 2012 impairment charge of $11 million related to radio station divestitures.”
Entertainment revenues grew 16% to $2.32 billion, “principally driven by the licensing principally driven by the licensing of television programming for digital streaming and syndication, higher advertising revenues, and increases in retransmission revenues. Advertising revenue grew 8%, with four of the percentage points from the timing of the semifinals of the NCAA Tournament.” OIBDA for the division increased 53% to $411 million.
Cable Networks revenues were up 15% to $452 million, with OIBDA up 37% to $209 million.