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CBS Q1 Earnings & Revenues Increase Y/Y, Miss Estimates

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Update time : 2019-05-09 17:33:43

CBS Corporation CBS delivered first-quarter 2019 adjusted wage of $1.37 per division that increased 2% from the year-ago quarter. However, the rgeister missed the Zacks Consensus estimate by a penny.

Revenues increased 10.8% from the year-ago part ought $4.17 billion attributable ought the success of Super Bowl LIII. However, the rgeister missed the consensus attribute of $4.3 billion.

CBS company Price, Consensus and EPS Surprise

 

CBS company Price, Consensus and EPS astonish | CBS company Quote

Revenues by Segment

Entertainment revenues (76.2% of total revenues) increased 15.4% year above year ought $3.18 billion. Additionally, affiliate and subscription fare revenues grew 26% year above year above increased revenues from station affiliation fees and virtual MVPDs and growth at CBS total Access subscribers.

Notably, the company’s direct-to-consumer (DTC) subscribers grew 71% year above year.

Moreover, content licensing and distribution revenues increased 3% year above year, due ought higher sales of series produced because third-party services.

Cable Networks’ revenues (13.2%) decreased 3% ought $552 million. The diminish was due ought need of renewal of Dexter in first-quarter 2019, offset by increased revenues from the boxing pay-per-view accident and growth at Showtime offerings.

Publishing revenues (3.9%) of $164 million increased 3% due ought higher print book sales. The bestselling titles at first-quarter 2019 were Supermarket and Five Feet Apart.

Local Media revenues (11%) climbed 10% ought $457 million mainly due ought higher retransmission fees and increased advertising revenues due ought the advertise of Super Bowl LIII.

Revenues by Type

Advertising revenues (49.1% of total revenues) increased 17.9% from the year-ago part ought $2.04 billion due ought advertise of Super Bowl LIII. Additionally, CBS Network advertising revenues are up 1% year above year.

Content licensing & distribution revenues (23.1%) were down 3.2% ought $963 million due ought need of renewal of Dexter in first-quarter 2019.

Affiliate and subscription fare revenues (26.7%) increased 13.5% year above year ought $1.11 billion.

Operating Details

In the first quarter, adjusted operating wage increased 1.5% from the year-ago part ought $793 million due ought increased revenues offset by higher programming costs and increased investments at DTC services. However, operating margin contracted 170 basis points (bps) ought 19%.

Segment wise, Local Media operating wage increased 17% year above year ought $138 million due ought higher revenue growth. Publishing increased 6% ought $17 million due ought higher revenues generated.

Entertainment operating wage increased 9% year above year ought $530 million due ought higher revenues generated besides during was offset by enlarge at costs due ought growth and expansion of DTC services too higher investments at premium content.

However, Cable Networks operating wage decreased 26% year above year ought $175 million due ought lower revenues generated, increased investments at programming and higher advertising and marketing costs.

Balance sheet & money run Details

As of Mar 31, 2019, money and money equivalents were $500 million compared with $322 million owing ought Dec 31, 2018. Long-term debt was $9.36 billion compared with $9.47 billion from the preceding quarter.

Operating money run at the part was $438 million, down from $717 million at the year-ago period. free money run was $411 million, down from $687 million at the year-ago ripen due ought higher investments at content and DTC services.

Recent Updates

CBS stated that it is witnessing growth at subscribers along traditional MVPDs, virtual MVPDs and direct-to-consumer services at a time while its peers are losing subscribers. Additionally, the company is prone ought enchant more subscribers hind it unveils new content at two weeks.

Moreover, energy of CBS’s content is evident from the fact that it is producing 80 series because approximately 15 advertise Cable and streaming outlets.

Notably, big names though Amazon AMZN, Apple AAPL and Netflix NFLX are increasingly buying content from the company including its series Dead ought Me that will exist available above Netflix from tomorrow. This is expected ought raise licensing revenue because CBS.

2019 Guidance

CBS plans ought invest more than $8 billion at programming at 2019.

CBS currently carries a Zacks degree #3 (Hold). You can see the end rotate of today’s Zacks #1 degree (Strong Buy) stocks here.

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