Market Overview

CBS Reports Higher Q2 Profit (CBS)

CBS Reports Higher Q2 Profit CBS

CBS (NYSE: CBS) released its fiscal second-quarter earnings results after the closing bell on Wednesday.

The company reported both earnings per share and revenue that came in ahead of Wall Street consensus estimates. In late trade, the stock was last up 0.78 percent to $53.25.

Management Commentary

"CBS's remarkable momentum continues to build," said Sumner Redstone, Executive Chairman, CBS Corporation. "This is a Company built for long-term success, and I know Les and his team will continue to execute in the quarters and years to come."

"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. "

Related: Hedge fund manager says Herbalife is still a buy.

Fiscal Q2 Financial Results

CBS reported net income of $472 million or $0.78 per share, compared to $427 million or $0.66 per share, in last year's corresponding period. This easily beat analysts' consensus EPS estimates of $0.72.

Revenue in the period was up 11 percent to $3.70 billion from $3.33 billion a year ago. This also topped Wall Street revenue estimates of $3.52 billion.

Posted-In: Leslie Moonves Sumner RedstoneEarnings News Guidance After-Hours Center Movers Best of Benzinga


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