NEW YORK (Reuters) - CBS Corp reported
better-than-expected second-quarter profit Tuesday,
benefiting from increased advertising revenue at its network
and local television stations.
CBS Chief Executive Leslie Moonves said in a statement that
ad sales should continue to be "healthy" in the second half of
the year as political dollars flood the airwaves around the
Total revenue at the company increased 11 percent to $3.33
billion, exceeding analysts' average forecast for $3.24
Advertising revenue rose 9 percent to $2.2 billion.
Benchmark Co analyst Edward Atorino called the results
"I think the broadcast business is going to be outstanding
for the balance of the year," he said.
CBS, home to the most watched U.S. broadcast TV network,
reported adjusted net income of $175.2 million, or 25 cents a
share, compared with adjusted net income of $62.6 million, or 9
cents a share, a year ago. Analysts, on average, had forecast
21 cents a share, according to Thomson Reuters I/B/E/S.
(Reporting by Jennifer Saba; editing by Andre Grenon)