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CBS Beats Wall Street's Expectations With Q1 Earnings

6/17/2014

By Tim Molloy
TheWrap

CBS Corp. reported growth in all profit measures in its first quarter earnings Thursday, and beat Wall Street's profit expectations.

The company reported diluted earnings per share of $.78 Thursday, up 7 percent from the previous quarter and above Wall Street's expectations of .75 per share.

Revenues, however, were down: CBS had $3.86 billion for the first quarter of 2014 compared with $4.04 billion in the same period in 2013, which included more than $280 million from CBS's broadcast of Super Bowl XLVII.

"I'm very pleased to be reporting record first quarter profits, driven once again by our fast-growing, higher- margin revenue streams," said Leslie Moonves, CBS's CEO. "Thanks to the strength of our base business, as well as new opportunities to monetize our content, our momentum continues to build. And we are confident we are still in the early innings of our terrific growth story.

More to come…

The post CBS Beats Wall Street's Expectations With Q1 Earnings appeared first on TheWrap.

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