CBS sales came in a bit better than expected last quarter, aided ...
CBS sales came in a bit better than expected last quarter, aided by record political ad outlays, Merrill Lynch analyst Jessica Reif Cohen wrote. The company announced a $1.5 billion stock buyback. That amounts to 6% of its current…
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market capitalization, Cohen said. It also raised its quarterly dividend 10% to 22 cents. Q4 sales rose 2.4% from a year earlier to $3.8 billion. TV sales increased 3% to $2.56 billion. The company’s net swung to a $335 million profit from a $9.1 billion loss a year earlier, reflecting its split from Viacom, it said. CBS’s guidance that 2007 results will be similar to 2006’s is consistent with forecasts, said Bank of America analyst Jonathan Jacoby.