CBS posts 3Q profit, results top Wall Street estimates

MarketsAssociated Press

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.

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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.

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Elements of this story were generated by Automated Insights using data from Zacks Investment Research. CBS stock research report from Zacks.

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Keywords:CBS,Earnings Report