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CBS: Q1 Profit Jumps 80%, Shares Rise

Syndication and Internet streaming boosted nonadvertising revenue

By Christopher Freeburn, InvestorPlace Writer

Profits soared by 80% at CBS (NYSE:CBS) during the first quarter, rising to $363 million from $202 million during the same time last year, the company announced.

CBS posted diluted EPS of 54 cents during the quarter, up from 29 cents in 2011, easily beating estimates of analysts, who had predicted 44 cents, The New York Times said, noting it was the best quarterly showing for the company since leaving Viacom in 2006. Revenue during the quarter rose 12% to $3.92 billion, compared to $3.51 billion in 2011.

Investors liked the results. CBS shares jumped 3% in early Wednesday trading.

Syndication of popular TV series and digital licensing deals with online streaming-video companies like Netflix (NASDAQ:NFLX) and Amazon (NASDAQ:AMZN) boosted nonadvertising revenue by 39% to $1.017 billion during the quarter. TV ad sales rose 5% to $2.398 billion.

An analyst cited by the Times called the company’s first-quarter results “outstanding.”

It was a good first quarter for media companies, including Time Warner (NYSE:TWX) and Comcast (NASDAQ:CMCSA), both of which posted increased revenues and profits.

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