S&P 500 (NYSE:SPY) component CBS Corporation (NYSE:CBS) reported net income above Wall Street’s expectations for the first quarter. CBS is a mass media company with operations in entertainment, cable networks, publishing, local broadcasting, and radio.
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CBS Earnings Cheat Sheet for the First Quarter
Results: Net income for the media conglomerate rose to $363 million (54 cents per share) vs. $202 million (29 cents per share) in the same quarter a year earlier. This marks a rise of 79.7% from the year-earlier quarter.
Revenue: Rose 11.8% to $3.92 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: CBS Corporation beat the mean analyst estimate of 43 cents per share. It beat the average revenue estimate of $3.78 billion.
Quoting Management: “As great as these last few years have been, this quarter tops it all,” said Sumner Redstone, Executive Chairman, CBS Corporation. “What’s most exciting is that we are poised to benefit from all of the strategic actions we’ve taken – and continue to take – for a long, long time. We have the best content and the right management to ensure success, and as a result, I have never been more confident about our Company’s future than I am today.”
CBS (NYSE:CBS) has now surpassed analyst estimates for four quarters in a row. It beat the mark by 4 cents in the fourth quarter of the last fiscal year, by 4 cents in the third quarter of the last fiscal year, and by 13 cents in the second quarter of the last fiscal year.
After dropping in the quarter before, revenue increased last quarter. Revenue fell 3% to $3.78 billion in the fourth quarter of the last fiscal year from the year earlier.
Looking Forward: Analysts appear increasingly optimistic about the company’s results for the next quarter. The average estimate for the second quarter has moved up from 59 cents a share to 60 cents over the last ninety days. The average estimate for the fiscal year is $2.36 per share, a rise from $2.27 ninety days ago.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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