Cap Cities/ABC Posts Record Income for Quarter, Year
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Capital Cities/ABC Inc.’s earnings climbed 44% for the fourth quarter, led by significant improvement at the ABC Television Network, its TV stations and its majority-owned ESPN cable network.
The huge media concern said Monday that its earnings for the quarter and for the year were company records. The results exceeded analysts’ expectations.
The company earned $240.6 million, or $1.56 a share, for the three months ended Dec. 31, compared to $166.7 million, or $1.03 a share, for the period a year earlier. Analysts had been looking for earnings of about $1.42 a share, according to a survey by Zacks Investment Research.
Revenue rose 11.9%, to $1.97 billion from $1.76 billion.
The company said its operating income rose 45%, with broadcasting up 47% and publishing up 17%.
For the year, Capital Cities/ABC earned $679.8 million, or $4.42 a share, up 49.5% from $455.3 million, or $2.78 a share, the year before.
Revenue rose 12.5%, to $6.38 billion from $5.67 billion in 1993.
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