CBS Corp. (NYSE:CBS) saw second-quarter results that topped the Street’s expectations, sending shares higher in after-hours trading.
The media company posted a profit of $150.1 million or 22 cents a share, compared with year-ago earnings of $15.4 million or 2 cents a share. Adjusted earnings improved to 25 cents, compared with last year’s second-quarter adjusted earnings of 9 cents.
Revenue rose 11% to $3.33 billion, up from sales of $3.01 billion in the year-ago quarter.
Analysts polled by Thomson Reuters had predicted earnings of 21 cents a share on revenue of $3.24 billion.
“Looking to the second half of 2010, all signs point to ongoing growth and profitability. The very healthy ad sales pacing we're seeing today indicates that the recovery is continuing, and we expect a significant lift in political advertising around the November elections,” said Leslie Moonves, president and CEO of CBS, in a release. “Going forward, we see continued and sustainable benefits from growth in retransmission consent fees, expanded international distribution of our content and the vastly improved economics of our NCAA deal, for many years to come."
Shares of CBS Corp fell 29 cents, or nearly two percent ahead of the close on Tuesday, to finish the day at $15.01. The stock was up 38 cents or 2.53% after the market closed.