CBS Corp. (CBS) Tops Q2 EPS by 6c, Sales Beat

CBS Corp. (NYSE: CBS) reported Q2 EPS of $1.04, $0.06 better than the analyst estimate of $0.98. Revenue for the quarter came in at $3.26 billion versus the consensus estimate of $3.09 billion.

"CBS delivered outstanding second quarter results while continuing to take a number of steps to achieve our long-term financial goals," said Leslie Moonves, Chairman and Chief Executive Officer, CBS Corporation. "First, we had a terrific upfront with gains in pricing and volume, including more and more deals that better reflect how people are watching our programming on a delayed basis. In addition, we took significant steps during the quarter to grow our affiliate fees from both traditional and \'skinny\' bundles. Retransmission consent and reverse compensation increased 25% in the second quarter. And we are now seeing the benefit of our recent skinny bundle deals with Google\'s YouTube TV, Hulu, fuboTV, and just today we announced that we will be a part of DIRECTV NOW as well. At the same time, our in-house over-the-top subscription services, CBS All Access and Showtime OTT, continue to grow beyond our expectations and are on track to surpass a combined four million subscribers by the end of 2017. We are now gearing up to take the next strategic step with All Access by expanding it into the international marketplace, starting with Canada in the first half of 2018. Showtime also had a terrific quarter, led by the successful return of Twin Peaks, which boosted OTT subscriptions dramatically, and we continue to expand the Showtime brand overseas with new deals to license our entire portfolio in France, India, Taiwan, Hong Kong, and others. So, 2017 is turning out to be a great year for the CBS Corporation even without the Super Bowl and political spending that we had in the prior year. And as we look ahead, we are positioned to have an even better year in 2018."

For earnings history and earnings-related data on CBS Corp. (CBS) click here.

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