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CBS Q2 Revs Up 9%, Radio Now Discontiuned Ops
RADIO ONLINE | Monday, August 7, 2017 |
CBS Corp., current parent of CBS Radio, reported second quarter revenues grew 9% to $3.26 billion from $2.98 billion in 2016. Operating income increased 3% to $669 million from $651 million. Net earnings from continuing operations increased 6% to $397 million from $373 million, mainly a result of the higher operating income. Adjusted net earnings for Q2 were $427 million compared with net earnings of $423 million in the year-ago period.
Net earnings were $58 million, which included a noncash charge of $365 million in discontinued operations to reduce the carrying value of CBS Radio to the value indicated by the stock valuation of Entercom. CBS Radio is classified as held for sale and the carrying value will continue to be adjusted based on the trading price of Entercom's stock, which could result in future gains or losses.
Diluted EPS for Q2 was $.14 as a result of the noncash charge at CBS Radio, compared with $.93 for the prior-year period. Adjusted diluted EPS increased 12% to $1.04 . During the quarter, the company repurchased 4.7 million of its shares for $300 million.
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