CBS Corp. (CBS) Tops Q2 EPS by 1c

CBS Corp. (NYSE: CBS) reported Q2 EPS of $1.12, $0.01 better than the analyst estimate of $1.11. Revenue for the quarter came in at $3.47 billion versus the consensus estimate of $3.46 billion.

"CBS' strong second quarter puts us firmly on track to deliver the record full-year results we have forecast," said Leslie Moonves, Chairman and Chief Executive Officer, CBS Corporation. "During the quarter, each of our three revenue types enjoyed solid growth, led by affiliate and subscription fees, where we continue to see healthy gains in both traditional distribution and new digital platforms. Once again, our total subscriber base -- including retrans, virtual MVPDs, and our own direct-to-consumer streaming services -- continues to grow, and our average rate per sub is increasing as well. In particular, our direct-to-consumer platforms, CBS All Access and Showtime OTT, are greatly exceeding our expectations. Our goal was to have eight million subscribers combined by 2020, and we are now on track to hit that number in 2019. For that reason, and based on our trajectory of growth in these services, we now predict that CBS All Access and Showtime OTT will have 16 million domestic subscribers by 2022. At the same time, we continue to grow in content licensing as we expand our content development and distribution to a host of third-party distributors such as Apple, Netflix, and TBS. In addition, advertising continues to grow as well, up 2% for the quarter. And we recently concluded another terrific upfront with solid increases in pricing and volume, including dramatic growth in digital volume, reflecting the power of our programming on the CBS Television Network. Plus, we expect to have strong gains in the back half of the year at our local business with the midterm elections in the fall. Looking ahead, we are set up for continued growth in 2018, and we feel more confident than ever that CBS is uniquely positioned to succeed as a direct-to-consumer global content company."

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

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