CBS Corp. earnings rise on advertising gains
The improved advertising climate bolstered CBS Corp.'s third-quarter earnings, the broadcasting giant reported Thursday. However, revenue was down 2%, slightly missing the target set by analysts.
For the period ended Sept. 30, the company, which owns the most-watched television network, CBS, as well as a fleet of TV and radio stations, reported net earnings of $317.3 million, or 46 cents a share. That was an increase of 53% over the $207.6 million, or 30 cents, delivered during the third quarter of 2009.
"We had another terrific quarter and our momentum continues to build," CBS Chief Executive Leslie Moonves told analysts on an afternoon conference call.
Advertising revenue was 10% higher, but the company brought in fewer dollars overall. Revenue was $3.3 billion, down from $3.35 billion in the third quarter of 2009.
Financial analysts had estimated earnings of 31 cents a share after subtracting one-time items, on revenue of $3.35 billion, according to a poll by Thomson Reuters.
CBS also announced a $1.5-billion share repurchase program for Class B common stock, beginning in January.
-- Meg James