CBS Corp. (CBS) on Wednesday reported third-quarter profit that topped expectations and its shares rose in after-hours trading.
The New York-based media company said it had profit of $1.64 billion, or $3.03 per share in the quarter. The quarter included a $1.56 billion gain from the spinoff its CBS Outdoor Americas billboard company. Earnings, adjusted for one-time gains and costs, were 74 cents per share.
The results exceeded Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 73 cents per share.
The company posted revenue of $3.37 billion in the period, also surpassing Street forecasts. Analysts expected $3.33 billion, according to Zacks.
CBS shares rose $1.20, or 2.3 percent, to $53.70 in extended trading. Through Wednesday's close, they had declined 18 percent in2014, while the Standard & Poor's 500 index has increased 9.5 percent.
Elements of this story were generated by Automated Insights using data from Zacks Investment Research. CBS stock research report from Zacks.