CBS Earnings Rise Sharply
NEW YORK (AP) _ CBS Corp. credited strong growth in its television and radio businesses for a large jump in second-quarter earnings.
CBS reported today it earned $95 million, or 13 cents a share, compared with $4 million, or 1 cent a share, in the same period a year ago. The earnings matched Wall Street expectations.
The results included a one-time gain of $18 million or 2 cents a share on the sale of businesses associated with Westinghouse Electric Corp. to Bechtel National Inc. CBS also said its operating profit was boosted by $24 million because of a reduction in a restructuring charge.
Revenues grew 13 percent to $1.68 billion from $1.48 billion.
Investors were impressed by the results. CBS stock was up $1 or 2 percent to $44.93 3/4 on the New York Stock Exchange.
CBS president Mel Karmazin singled out a strong showing at the company’s TV network business as an engine behind the profit surge. CBS was the top-rated network last season, taking the No. 1 spot for the first time in five years.
``The gains made in our television segment were dramatic,″ Karmazin said.
For the first six months of the year, CBS earned $482 million, or 68 cents per share, compared to $23 million, or 3 cents per share, in the same period a year ago.
Revenues rose to $3.45 billion from $3.43 billion.