NEW YORK (TheStreet) -- Shares of CBS Corp. (CBS) are down -1.07% to $56.29 in after-hours trading today as the media company reported its second quarter earnings, and included announcements to increase its repurchase program as well as its quarterly dividend.
For the second quarter, CBS reported a profit of $439 million, or 76 cents per share, down from $472 million one year ago, but beating analysts' estimates of 72 cents per share.
Excluding items, earnings from continuing operations was 78 cents per share, up from 75 cents per share in the same quarter of 2013.
Revenue for the quarter was down -14% to $3.19 billion compared to the $3.37 billion for the same quarter a year ago, and falling below analysts expectations of $3.24 billion.
CBS announced it increased the amount available under its share repurchase program to $6 billion from $3 billion. The company also announced an increase to its quarterly dividend to 15 cents per share from 12 cents per share.
Separately, TheStreet Ratings team rates CBS CORP as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
"We rate CBS CORP (CBS) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its growth in earnings per share, increase in net income, notable return on equity, reasonable valuation levels and expanding profit margins. We feel these strengths outweigh the fact that the company shows weak operating cash flow."