CBS Corp. reported its strongest first-quarter gains since the company was spun off from Viacom six years ago, The New York Times reports.
CBS’s first-quarter profit was $363 million, an increase of 80% from its year-earlier profit of $202 million, the story says. Per-share earnings were 54 cents, exceeding the 44 cents expected by Wall Street analysts, the piece adds.
The earnings foreshadow a "record 2012" for CBS, said Chief Executive Leslie Moonves. The company will present its 2012-13 television schedule to advertisers May 14 at its upfront presentation.
"We led the upfront last year, and we guarantee we will lead it again this year,” Moonves said on a conference call.
The gains reflect new revenue from syndication, online streaming and subscription fees, the story notes.