Adjusted earnings for the period were 93 cents per diluted share, beating analysts' estimates of 86 cents per share. This was the highest second quarter diluted earnings per share in the company's history, according to the report.
The company reported revenue of $3.29 billion, up 2% from the previous year. Wall Street had been looking for revenue of $3.21 billion for the quarter.
"Our base business is very healthy, including our strongest upfront selling season in years, which will benefit us beginning in late September when the new higher pricing takes effect," said CEO Leslie Moonves. "At the same time, we continue to build our fast-growing, high-margin revenue streams at a rapid clip."
CBS's streaming services, CBS All Access and Showtime OTT, continue to "exceed expectations," and the company expects a "significant lift" next year with the launch of a new "Star Trek" series on CBS and "Twin Peaks" on Showtime.
Going forward, the company plans to invest in premium content while using excess cash to return capital to investors.
Despite the beat, shares of CBS are falling 2.23% to $53 in after-hours trading.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rated this stock as a "buy" with a ratings score of B.
The company's strengths can be seen in multiple areas, such as its revenue growth, notable return on equity, impressive record of earnings per share growth, increase in net income and good cash flow from operations. TheStreet Ratings feels its strengths outweigh the fact that the company has had generally high debt management risk by most measures that TheStreet Ratings evaluated.
You can view the full analysis from the report here: CBS