CBS Q2 Profit Falls; Boosts Buyback, Dividend

(RTTNews) - CBS Corp. (CBS.A, CBS) reported net earnings for the second quarter of $439 million or $0.76 per share, compared to $472 million or $0.76 per share for the year-ago quarter.

Net earnings from continuing operations for the second quarter were $418 million or $0.72 per share, compared to $435 million or $0.70 per share in the prior-year quarter.

Excluding items, adjusted earnings per share from continuing operations rose to $0.78 in the second quarter from $0.75 a year earlier.

Revenues for the second quarter fell to $3.19 billion from $3.37 billion last year.

CBS also announced an increase in the amount available under its share repurchase program from $3 billion to $6 billion. The company also announced an increase to its quarterly dividend from $0.12 per share to $0.15 per share. The dividend is payable on October 1 to shareholders of record on September 10.