CBS Corporation (NYSE:CBS) reported a slight beat on second quarter 2018 revenue and earnings per share while forecasting the company is on track for strong growth in 2018 due to higher affiliate, transmission and re-transmission fees.
CBS said second-quarter revenue increased 6% year-over-year to US$3.47bn, slightly above the consensus at US$3.46bn. Adjusted diluted EPS increased 8% to US$1.12 from US$1.04, and against the average estimate of US$1.11.
The company's results were overshadowed by the fallout from sexual abuse allegations against chief executive Les Moonves.
The impact of the numbers on the shares was almost negligible. At Thursday's close, CBS rose US$0.17 to US$52.72. It was US$0.25 off at US$52.47 in after-hours trading.
"During the quarter, each of our three revenue types enjoyed solid growth, led by affiliate and subscription fees, where we continue to see healthy gains in both traditional distribution and new digital platforms," Moonves said.
Operating income for the second quarter of 2018, which included costs for restructuring and other corporate matters, decreased 4% to US$659 million from US$690 million for the same prior-year period. Adjusted operating income was up 1% to US$694 million from US$690 million for the same prior-year period, reflecting the revenue growth, which was offset by a higher investment in programming and digital initiatives, CBS said in a statement.
CBS is a mass media company that is the most widely watched television network in the US.