Shares of CBS Corp. rose 2% late Thursday after the media company reported adjusted third-quarter earnings above Wall Street expectations. CBS said it earned $478 million, or $1.15 a share, in the quarter, compared with $426 million, or 88 cents a share, in the year-ago period. Adjusted for one-time items, the company reported adjusted earnings of $1.05 a share. Revenue rose 4% to $3.4 billion, from $3.26 billion a year ago, CBS said. Analysts polled by FactSet had expected CBS to report earnings of 98 cents a share on sales of $3.3 billion. The company said the quarterly EPS was the highest in its history and a record for revenue and operating income. Operating income rose 6% to $798 million. Shares of CBS had ended the regular trading session up 0.6%.
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