This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Media Stocks: CBS Beats Profit Forecast on Super Bowl, Music Events

NEW YORK ( TheStreet) - CBS Corp. (CBS - Get Report) , the highest rated U.S. broadcaster, posted first-quarter profits that beat estimates as the Super Bowl, the Grammys and the NCAA basketball tournament pushed revenue over $4 billion for the first time since the company split from Viacom (VIAB) in 2006.

CBS, which rose 1.4% on Wednesday to $46.40, has gained 38% over the past 12 months and trades at 18.7 times earnings, its most expensive since June. The New York-based network is aiming to grow advertising sales on its digital platforms as the company adds more content to online channels.

CBS posted first quarter profit from continuing operations of 73 cents per share, beating the average forecast of 68 cents, according to a Bloomberg survey of 27 analysts. Revenue for the quarter totaled $4.04 billion, edging an average estimate of $4.02 billion of 24 analysts.

Elsewhere among media companies, Time Warner Inc. (TWX - Get Report), owner of the HBO and TBS networks, fell after reporting first-quarter sales that missed analyst expectations as declines at the New York-based media company's film and TV entertainment units, and its publishing segment, offset growth at its networks.

Sales totaled $6.9 billion, short of a $7.1 billion average forecast of 25 analysts in a Bloomberg survey. Net income on an adjusted basis for the first three months of the year grew to $720 million, or 75 cents a share, from $583 million, or 59 cents, for the same period a year ago, the company said. Analysts had expected earnings of 74 cents a share.

Time Warner shares dropped 0.5% to $59.48. Viacom (VIAB), owner of Nickelodeon, MTV and Paramount Pictures jumped 3% to close at $65.90 as advertising at its cable-TV unit rose 2%. Viacom eased investor concern about ad revenue at its networks, particularly Nickelodeon, after ad revenue fell 6% in the previous quarter.

Written by Leon Lazaroff in New York

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
AAPL $126.60 0.94%
CBS $55.93 0.77%
CMCSA $62.25 3.51%
DIS $115.13 1.45%
GOOG $521.84 0.26%

Markets

DOW 17,757.91 +138.40 0.79%
S&P 500 2,077.42 +14.31 0.69%
NASDAQ 5,013.1230 +26.2560 0.53%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs