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CBS Beats Targets

It sees flat results in 2007.

CBS (CBS) - Get CBS Corporation Class B Report swung to a fourth-quarter profit, raised its dividend and set plans for a $1.5 billion stock buyback.

The New York-based media company made $335 million, or 43 cents a share, for the quarter ended Dec. 31, reversing the year-ago loss of $9.14 billion, or $12 a share. On an adjusted basis, excluding impairment charges and discontinued operations, earnings per share rose to 60 cents from 42 cents a year earlier.

Revenue rose 2% from a year ago to $3.88 billion, with television revenue rising 3%, radio revenue slumping 8% and outdoor advertising revenue up 10%.

Analysts surveyed by Thomson Financial were looking for a 47-cent profit on sales of $3.83 billion.

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For 2007, CBS said revenue and operating income that will be comparable to that of 2006.