Media company, CBS Corporation (CBS) reported a rise in its first quarter profits, which came in above analysts estimates on Thursday..
CBS reported that it saw its strongest quarter since it became an independent company in 2006. The quarters results were aided by the success of the Super Bowl, The Grammy’s, the NCAA men’s basketball tournament, and the Academy of Country Music Awards.
The New York, NY based company reported first quarter net income of $443 million, or 63 cents per share, up 18% from $363 million, or 54 cents per share last year. Excluding special items, earnings were $463 million, or 73 cents per share, up from $394 million, or 59 cents per share last year. Analysts expected to see earnings of 68 cents per share.
Revenue for the quarter rose 56% to $4.04 billion, from $3.8 billion last year. Analysts expected to see revenue of $4.02 billion. The increase in revenue was due to the rise in advertising sales, primarily from the Super Bowl.
Entertainment revenue increased by 10% to $2.54 billion, while cable network revenue rose by 6% to $478 million. Local broadcasting revenue increased 3% to $638 million.
Publishing revenue declined by -3% to $171 during the quarter, while outdoor Americas sales dropped to $281 million from last year.
CBS shares were up $1.75, or 3.77% during Thursday morning trading. The stock has increased 41% in the past year.
The Bottom Line
Shares of CBS Corporation (CBS) have a 1.00% yield, based on Thursday morning’s price of $47.82.
CBS Corporation (CBS) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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