We've Got Hollywood Covered

CBS Q4 Earnings Miss Expectations, Still Set Records

CBS set a new company record for annual revenue, as cable networks like Showtime provided a boost

CBS reported lower income and revenue than analysts had predicted in the fourth quarter of fiscal year 2012, but the company still set a number of records both in the quarter and for the year. CBS registered earnings per share of $0.64 in the quarter, a new record for the company in that time frame but $0.04 shy of what analysts forecast.

The company generated $3.7 billion in revenue for the quarter, capping off a year in which CBS made $14.09 in revenue — a new record.

The majority of CBS’ revenues came from its Entertainment division, which includes the TV network, TV studio, Interactive division and CBS Films. That dvision contributed $1.9 billion in revenue for the quarter and $7.7 billion for the year. It also contributed the most income throughout fiscal 2012.

The company's local broadcastng division was the second biggest contributor in terms of both annual revenue and income. For the quarter, it was generated the most income, $295 million.

The company's cable networks division, which includes Showtime, CBS Sports Network and the Smithsonian Networks was a major contributor from a revenue standpoint and exhibited great growth. Revenue in that division grew 11 percent from the same quarter a year ago, reaching $438 million for the quarter and $1.7 billion for the year.

"CBS had a record year in 2012, as well as a record fourth quarter, and the momentum is building for an even better 2013," CBS president and CEO Les Moonves said in a statement. "Advertising revenue is growing, and our revenue from non-advertising sources continues to grow even faster. 

CBS' stock price is still down slightly in after hours trading.