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CBS Corp  (NYSE:CBS) EBIT: $3,199 Mil (TTM As of Mar. 2019)

CBS Corp's earnings before interest and taxes (EBIT) for the three months ended in Mar. 2019 was $1,221 Mil. Its earnings before interest and taxes (EBIT) for the trailing twelve months (TTM) ended in Mar. 2019 was $3,199 Mil.

EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. CBS Corp's annualized ROC % for the quarter that ended in Mar. 2019 was 35.58%. CBS Corp's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2019 was 146.07%.

EBIT is also linked to Joel Greenblatt's definition of earnings yield. CBS Corp's Earnings Yield (Joel Greenblatt) % for the quarter that ended in Mar. 2019 was 11.97%.


Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

* Premium members only.

CBS Corp Annual Data

Dec09 Dec10 Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18
EBIT Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 2,221.00 2,656.00 2,641.00 2,436.00 2,756.00

CBS Corp Quarterly Data

Jun14 Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19
EBIT Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 778.00 649.00 685.00 644.00 1,221.00

Calculation

EBIT, sometimes also called Earnings Before Interest and Taxes, is a measure of a firm's profit that includes all expenses except interest and income tax expenses. It is the difference between operating revenues and operating expenses. When a firm does not have non-operating income, then operating income is sometimes used as a synonym for EBIT and operating profit.

EBIT for the trailing twelve months (TTM) ended in Mar. 2019 was 649 (Jun. 2018 ) + 685 (Sep. 2018 ) + 644 (Dec. 2018 ) + 1221 (Mar. 2019 ) = $3,199 Mil.

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.


Explanation

1. EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

CBS Corp's annualized ROC % for the quarter that ended in Mar. 2019 is calculated as:

ROC %(Q: Mar. 2019 )
=NOPAT/Average Invested Capital
=Operating Income*(1-Tax Rate)/( (Invested Capital (Q: Dec. 2018 ) + Invested Capital (Q: Mar. 2019 ))/2)
=3172 * ( 1 - -44.93% )/( (12634 + 13207)/2)
=4597.1796/12920.5
=35.58 %

where

Invested Capital(Q: Dec. 2018 )
=Book Value of Debt + Book Value of Equity - Cash
=Long-Term Debt & Capital Lease Obligation + Current Portion of Long-Term Debt + Total Stockholders Equity - Cash
=9465 + 687 + 2804 - 322
=12634

Invested Capital(Q: Mar. 2019 )
=Book Value of Debt + Book Value of Equity - Cash
=Long-Term Debt & Capital Lease Obligation + Current Portion of Long-Term Debt + Total Stockholders Equity - Cash
=9358 + 0 + 4349 - 500
=13207

Note: The Operating Income data used here is four times the quarterly (Mar. 2019) operating income data.

2. Joel Greenblatt's definition of Return on Capital:

CBS Corp's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2019 is calculated as:

ROC (Joel Greenblatt) %(Q: Mar. 2019 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Dec. 2018  Q: Mar. 2019
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/2 )
=4884/( ( (1209 + max(2544, 0)) + (1194 + max(1740, 0)) )/2 )
=4884/( ( 3753 + 2934 )/2 )
=4884/3343.5
=146.07 %

where Working Capital is:

Working Capital(Q: Dec. 2018 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(4041 + 1988 + 401) - (2604 + 222 + 1060)
=2544

Working Capital(Q: Mar. 2019 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(4147 + 1533 + 552) - (4295 + 0 + 197)
=1740

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Mar. 2019) EBIT data.

3. It is also linked to Joel Greenblatt's definition of Earnings Yield:

CBS Corp's Earnings Yield (Joel Greenblatt) %for the quarter that ended in Mar. 2019 is calculated as:

Earnings Yield (Joel Greenblatt) %=EBIT (TTM)/Enterprise Value (Q: Mar. 2019 )
=3199/26729.28
=11.97 %

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.


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