CBS Corporation (NYSE:CBS) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 0.85%.
CBS Corporation Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 16.92% to $0.76 in the quarter versus EPS of $0.65 in the year-earlier quarter.
Revenue: Rose 6.42% to $3.7 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: CBS Corporation reported adjusted EPS income of $0.76 per share. By that measure, the company beat the mean analyst estimate of $0.72. It beat the average revenue estimate of $3.52 billion.
Quoting Management: “Double-digit revenue growth—and the best quarterly profits we’ve ever had—add up to a phenomenal quarter for CBS,” said Leslie Moonves, President and Chief Executive Officer, CBS Corporation. “Across the board, CBS’s world-class content continues to drive our results. From Under the Dome, which is changing the face of summer programming on network television, to Ray Donovan, which has refilled the pipeline at Showtime in a big way, new owned content continues to flourish throughout our Company. As a result, our base business is thriving, and our non-advertising revenue sources are having a bigger impact on our results all the time. Looking ahead, the opportunities to monetize our content are more exciting than ever. In addition, we are well on our way to completing our strategic initiatives in our Outdoor segment—including the pending sale of our business in Europe and Asia and the separation of our Outdoor Americas business, which is right on track. All of this gives us great confidence in our future, and it’s why we announced last week our largest increase ever to our share repurchase program. We remain committed to returning value to our shareholders, and we are certain we can deliver lucrative results for the remainder of this year, next year, and beyond as well.”
Key Stats (on next page)…