CBS profit gains on advertising and cable fee revenue

(Reuters) - Broadcaster CBS Corp reported higher than expected profit for the first quarter, helped by advertising during February's Super Bowl broadcast and a jump in revenue from cable channels.

Net earnings for the January through March period totaled $463 million, up from $394 million a year earlier, CBS said on Wednesday. Adjusted earnings per share reached 73 cents, up from 59 cents last year.

Analysts on average had expected the company to report adjusted earnings per share of 68 cents, according to Thomson Reuters I/B/E/S.

Shares of the company hit $47.00 in after-hours trading, up 1.3 percent from their earlier $46.40 close on the New York Stock Exchange.

Revenue rose 6 percent to $4.0 billion in the quarter, CBS said. The Super Bowl helped lift advertising revenue by 8 percent. Cable networks revenue increased by 6 percent as the channels gained subscribers and pulled in higher fees.

CBS Corp operates the CBS broadcast network and cable channels such as Showtime and the CBS Sports Network.

(Reporting by Lisa Richwine; Editing by Phil Berlowitz)

Source: http://news.yahoo.com/cbs-profit-gains-advertising-cable-fee-revenue-201554128.html

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