CBS reported most inline results for 2Q15 with a bias slightly above Wall Street estimates. In a rough week for media stocks due to cord cutting fears triggered by Disney’s report, CBS share held up much better than average. Northlake agrees as CBS is much less exposed to cord cutting fears than other media stocks. […]
CBS reported fourth quarter results largely in line with analyst estimates. After a tough year in 2014 when operating income fell and estimates declined steadily, reporting results merely as expected provided a sense of relief. Furthermore, management commentary on 2015 trends was confident and a little more positive than investors were anticipating. All of this […]
CBS Corporation (CBS) reported third quarter results in line with or very slightly ahead of recently lowered Wall Street estimates. CBS shares have performed quite poorly this year, down almost 20%, as earnings have steadily fallen due to weaker than expected advertising trends at the CBS Network and the company’s owned and operated TV stations. […]
CBS Corporation (CBS) reported slightly better than expected March quarter results. It was not enough to turn the recently negative sentiment in the shares, however. The day after the report CBS closed down a little over 2% after falling nearing 5%. Year-to-date CBS is down 11% despite good earnings, positive news on capital allocation, and […]
CBS reported another healthy quarter and provided reassuring commentary on the near-term and long-term outlook. Revenues grew 6% and segment level operating cash flow grew 7%, both ahead of expectations. Advertising at the CBS Network grew 4%, better than feared given concerns over ad demand and pricing that arose following the government shutdown. Management noted […]
CBS reported solid but unspectacular third quarter 2013 results. EPS matched Wall Street consensus of 76 cents, up from 64 cents a year ago. Revenue grew 11% but EBITDA was up only 4%. Revenue was a little ahead of estimates, while EBITDA fell slightly short. Unlike many recent quarters, CBS did not show an upside […]
Media companies reported earnings over the last two weeks including Northlake positions’ CBS, Discovery Communications (DISCK), and Disney (DIS). In general, the news from Northlake’s holdings and other media companies was good. The two key takeaways are: (1) the national TV ad market is firming up a bit from its tepid growth late last year […]
CBS reported another excellent quarter, showing solid growth even against tough comparisons and declining ratings at the flagship CBS Network. Revenues grew 6%, slightly ahead of expectations. Excellent cost controls and a positive mix shift led to a 15% gain in adjusted operating cash flow, the most important financial measure for media investors. Extremely aggressive […]
Most major media companies reported earnings this week including those in Northlake’s portfolio of individual stocks. As has been the case with the broader market, earnings reports and guidance from Northlake’s portfolio was mixed. CBS was the clear winner with a solid quarter amid tough circumstances and a confident outlook for the December quarter and […]
CBS has been a huge winner for Northlake clients. Initially purchased in the summer of 2009 near $6, the stock has soared thanks to great ratings at its CBS and Showtime networks, excellent cost management, and aggressive share buybacks and dividend increases. The addition of retransmission fees paid to CBS by cable and satellite companies […]
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