There was more green on Wall Street on Thursday, as U.S. financial markets continued their comeback in a big way.
Among the media companies gaining ground: Sinclair Broadcast Group (up 60 cents, to $37.25), Nexstar Media Group (up 28 cents, to $74.10), and CBS Corp., which released its Q4 2017 earnings results following today’s Closing Bell.
How did CBS do in the final three months of 2017?
Total revenue increased to $3.92 billion, from $3.52 billion, despite a Local Media segment dip to $450 million, from $526 million. Total operating income slipped to $343 million, from $484 million.
As a result, CBS saw its net earnings from continuing operations slide to $40 million (10 cents per diluted share), from $271 million (26 cents). Adjusted Diluted EPS came in at $1.20, up 8% from $1.11 in Q4 2016.
For the fourth quarter of 2017, the results included a non-cash loss recognized in connection with the split-off of CBS Radio, and for the fourth quarter of 2016, the results included an impairment charge at CBS Radio. Adjusted net earnings for Q4 2017 decreased 1% to $473 million from $476 million for the same prior-year period.
In early after-hours trading on Thursday, shares of CBS stock were up 60 cents to $57.34 following the day’s close at $56.74.
For a full look at how media stocks fared today, simply visit the Wall Street Report on the homepage of RBR.com.
