CBS Corporation (CBS - Free Report) delivered third-quarter 2018 adjusted earnings of $1.24 per share that beat the Zacks Consensus Estimate by 2 cents per share and increased 11.7% from the year-ago quarter.
Revenues increased 2.9% from the year-ago quarter to $3.26 billion and beat the consensus mark of $3.25 billion.
Revenues by Type
Advertising revenues increased 14.2% from the year-ago quarter to $1.26 billion. Growth was driven by Network Ten, which the company acquired in fourth-quarter 2017, along with higher political advertising sales.
Content licensing & distribution revenues were up 8.5% to $933 million. Higher contribution from “additional series produced for third-party services” and international licensing boosted year-over-year growth.
Further, affiliate and subscription fee revenues of $1.01 billion declined 12% year over year. The decline can be attributed to the absence of “Mayweather/McGregor pay-per-view boxing event” in third-quarter 2018. A surge in retransmission revenues and fees, increased revenues from digital initiatives, including CBS All Access and virtual multichannel video programming distributor (MVPDs) led to overall growth of affiliate and subscription fee revenues.
CBS Corporation Price, Consensus and EPS Surprise