CBS Corporation (NYSE:CBS) Q4 2015 Earnings Conference Call - Final Transcript

Feb 11, 2016 • 04:30 pm ET


CBS Corporation (NYSE:CBS) Q4 2015 Earnings Conference Call - Final Transcript


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Good day, everyone, and welcome to the CBS Corporation's Fourth Quarter 2015 Earnings Release Teleconference. Today's call is being recorded.

At this time, I would like to turn the conference over to the Executive Vice President of Corporate Finance and Investor Relations, Mr. Adam Townsend. Please go ahead, sir.

Adam Townsend

Thank you, Gwen. Good afternoon, everyone, and welcome to our fourth-quarter and full-year 2015 earnings call. Listening on the phone is our Chairman Emeritus, Sumner Redstone. And joining us with today's remarks are our recently elected Chairman, Leslie Moonves, who also remains CEO; and our Chief Operating Officer, Joe Ianniello. Les and Joe will discuss the strategic and financial results of the Company, and we will then open the call up to questions. Please note that during today's conference call, the full-year and fourth-quarter results are discussed on an adjusted basis, unless otherwise specified.

Reconciliations for non-GAAP financial information related to this call can be found in our earnings release or on our Web site. Also, statements in this conference call related to matters which are not historical facts are forward-looking statements, which involve risks and uncertainties that could cause actual results to differ. Risks and uncertainties are disclosed in CBS Corporation's news releases and securities filings. A webcast of this call and the earnings release related to today's presentation can be found on the investor section of our Web site at

And with that, it's my pleasure to turn the call over to Les.

Leslie Moonves

Thank you, Adam, and good afternoon, everyone, and thank you for joining us once again. First, last week, as you heard, I was elected Chairman of this great Company. I want to start today by thanking Sumner by thanking our Vice Chair, Shari Redstone, and our Board of Directors for this great vote of confidence. It is indeed an honor to be the Chairman of CBS. I also want to say, right up front that I couldn't be more pleased and encouraged about the continued strength of the CBS Corporation.

Our assets are performing extremely well, and they are set up for a terrific future. I know you've been sorting through a lot of earnings analysis this week, and when you look at CBS you'll see that we have a unique and compelling story. So, now let's get to the results. I'm extremely pleased to tell you that we delivered a terrific fourth quarter. We posted our best results of 2015 and built on the momentum that we began to see in Q3. Fourth-quarter revenue was up 6% to $3.9 billion, the highest quarter in the history of CBS.

Operating income was also up 6% to $747 million and was a fourth-quarter record. And EPS was up 19% to $0.92, again the best EPS we've ever achieved. The good news is these strong fourth-quarter results are serving as a springboard for what is going to be an outstanding 2016. In the year ahead, we are set for broad-based strength across all of our revenue sources. First,