This week was a big one for media earnings. Besides Northlake holdings CBS and Discovery Communications, we heard from Viacom, Time Warner, Scripps Interactive, and Comcast Against a cautiously optimistic backdrop, the results came through inline to slightly better than expected with CBS leading the way again. The outlook for the rst of the year […]
The final batch of earnings this quarter for Northlake holdings comes from the media stocks. Much like with the earlier reports from the technology stocks, the results and guidance were good but the stocks went lower. The stock reactions are mostly a function of the market correction underway so far in May, a decline of […]
Given the increased importance of macro issues on the stock market and record high correlations among individual stocks, I am expanding media company earnings analysis this quarter to touch on all companies and major trends, not just Northlake positions. Media earnings season continues to roll along. The message so far is that media fundamentals are […]
Les is More! CBS delivered another outstanding quarter. Led by Les Moonves, CEO and President, CBS continues to put in by far the best performance of any media company. CBS reported EPS of 58 cents, well in excess of the 45 cents consensus. Revenues were just a bit ahead of expectations at $3.59 billion vs. […]
CBS and Virgin Media (VMED), two of Northlake’s larger holdings thanks to excellent stock price performance, reported earnings a few weeks ago. Both companies reported good results supporting the higher stock prices and setting the stage for future gains. Entering the report, I was a little worried about VMED due to strict austerity measures in […]
CBS reported slightly better than expected 4Q10 results, no small feat given rapidly rising estimates and a surging stock price. Adjusted EPS of 46 cents beat the street consensus of 44 cents. Revenues of $3.9 billion exceeded consensus by about $50 million. EBITDA was better than expected at the segment level, driven by beats at […]
CBS reported slightly better than expected results in 3Q10. Revenues fell a little short of expectations at $3.3 billion. Estimates called for an additional $60 million. However, excellent margins led to EBITDA of $667 million, ahead of estimates for $642 million. The operating beat flowed through to EPS and the adjusted EPS of 35 cents […]
CBS reported solid results with EPS, revenue, and EBITDA closely matching street estimates. The report did not provide the big positive surprise seen by News Corporation, with which it has a lot of overlap. This fact, plus some variances to estimates at the segment level, left investors wanting more. There was also some concern that […]
CBS reported modest upside to estimates in 3Q09 with most of the excess coming from the syndication business. However, it was still a strong quarter of improvement with the CBS Network returning to positive ad growth, dramatically lower ad revenue declines at the local TV stations, and modest improvement but still deeply negative ad sales […]
On Monday, I sold half of Northlake’s positions in CBS in each account that holds the stock. My reasoning is that the stock has risen 80% since purchasing it just 7 weeks ago. This spectacular rise caused CBS positions to approach 4% of equity portfolios. That is a high threshold for me, especially in a […]
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