CBS 4Q earnings top views, but sales fall short

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LOS ANGELES (AP) ? Broadcaster CBS says earnings rose 31 percent in the final quarter of 2011, thanks to licensing shows to online video companies such as Netflix.

Those benefits helped CBS Corp. overcome a drop in ad sales due to a lack of political advertising in an off-election year. The company also did not benefit again from the sale of its “CSI” show into reruns as it did a year earlier.

Net income rose to $370 million, or 55 cents per share, from $283 million, or 41 cents per share.

Excluding one-time items, adjusted earnings came to 57 cents per share, beating the 53 cents expected by analysts polled by FactSet.

Revenue fell 3 percent to $3.78 billion from $3.9 billion. That was below the $3.9 billion expected by analysts.