CBS (CBS) Reports Q1 EPS of $0.78

CBS (NYSE: CBS) reported Q1 EPS of $0.78, versus $0.73 reported last year. Revenue for the quarter came in at $3.86 million, versus $4.04 million reported last year.

"CBS remains focused on its core strategy—creating and distributing the best content, and monetizing it across multiple platforms," said Sumner Redstone, Executive Chairman, CBS Corporation. "This winning business model is generating healthy profits today, and I'm confident it will continue to do so well into the future. I'm more excited than ever about the growth prospects before us and about all that Leslie and his team are achieving quarter after quarter."

"I'm very pleased to be reporting record first quarter profits, driven once again by our fast-growing, higher-margin revenue streams," said Leslie Moonves, President and Chief Executive Officer, CBS Corporation. "Thanks to the strength of our base business, as well as new opportunities to monetize our content, our momentum continues to build. And we are confident we are still in the early innings of our terrific growth story. Next week, we will launch a whole new set of content franchises when we unveil our fall schedule to advertisers. Plus, we have several exciting additions to our overall programming lineup with an expanded new schedule this summer and Thursday Night Football this fall. As we continue to grow CBS as a content company, we also recently took a dramatic step forward when we successfully completed the IPO of CBS Outdoor, which subsequently obtained a favorable REIT ruling from the IRS. The separation of this business will bring us that much closer to achieving our goal of becoming a pure content company and, at current market prices, puts us on track to return about $6 billion of value to shareholders in 2014. Looking ahead, with even stronger programming to sell to advertisers, political spending heating up later this year, and new deals coming down the pike in retransmission consent and reverse compensation, we see the back half of 2014 even stronger than the first—and we are positioned for another record year."

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

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