CBS Corporation (NYSE:CBS.A) Q3 2016 Earnings Conference Call - Final Transcript

Nov 03, 2016 • 04:30 pm ET

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CBS Corporation (NYSE:CBS.A) Q3 2016 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good day, everyone, and welcome to the CBS Corporation third quarter 2016 earnings release teleconference. Today's call is being recorded. At this time, I would like to turn the call over to the Executive Vice President of Corporate Finance and Investor Relations, Mr. Adam Townsend. Please go ahead.

Executive
Adam Townsend

Thank you. Good afternoon, everyone, and welcome to our third quarter 2016 earnings call. Joining us with today's remarks are Leslie Moonves, our Chairman and CEO; and Joe Ianniello, our Chief Operating Officer. Following Les and Joe's discussion of the company's performance, we will open the call up to questions.

Please note that during today's conference call, the third quarter and year-to-date 2016 results will be 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 website. Also, statements in this conference call relating 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 SEC filings.

A webcast of this call and the earnings release related to today's presentation can be found on the Investor section of our website at cbscorporation.com.

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

Executive
Leslie Moonves

Thank you, Adam, and good afternoon, everyone. Thank you very much for joining us today. As you've seen, CBS continues to perform at a very high level, and the future for us just keeps looking better and better. Along these lines, today's results represent another terrific record-breaking quarter. Revenue was up 4% to $3.4 billion, operating income was up 6% to $798 million and EPS was up 19% to $1.05, an all-time high, and our 27th consecutive quarter of EPS growth. Every one of our businesses grew in revenue and profit during the quarter. So we have broad-based strength across our company, and we are well on our way to another record-setting year at the CBS Corporation in both revenue and profit. Most importantly, we are achieving these results while investing in new growth opportunities all the time.

So the state of the CBS Corporation is extremely strong, which is more important now than ever given changes in our industry and as we consider a potential recombination with Viacom. As you know, our board has formed a special committee to work with us and explore this possibility, and we are still in the very early stages. So while the timetable and outcome are unclear, our strategy is not. If it looks right and is structured properly, it could be an attractive opportunity. If not, we are very excited about our prospects on our own and as you can see in our excellent results today. Once again, I'd like to remind you we will only do a deal if it is in the best interests of CBS and all of its shareholders. Whatever the outcome, CBS has a very bright future ahead.

Meanwhile, in