CBS 3Q profit grows, matches Wall St. expectations

CBS 3Q profit grows, matches Wall St. expectations

Credit: CBS via Getty Images

LOS ANGELES - OCTOBER 1: "Fallout" -“ Pictured: LL COOL J (Special Agent Sam Hanna). When an antiterrorism device is stolen, the team must quickly find the suspect and the device before an attack is made against Los Angeles. Meanwhile, Hetty realizes the case is bringing her back to someone from her past, on NCIS: LOS ANGELES, Tuesday, Nov. 12 (9:00-10:00 PM, ET/PT) on the CBS Television Network. (Photo by Neil Jacobs/CBS via Getty Images)

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by Associated Press

khou.com

Posted on November 6, 2013 at 6:11 PM

NEW YORK -- Broadcaster CBS Corp. grew earnings 26 percent in the third quarter, benefiting from higher ad revenue, sales of reruns of shows like "NCIS: Los Angeles" and pay-per-view boxing.

Net income in the three months through September rose to $494 million, or 80 cents per share, from $391 million, or 60 cents per share, a year ago.

Excluding results from its outdoor billboard ad business in Europe and Asia, which the company sold in September, earnings came to 76 cents per share, matching the expectations of analysts polled by FactSet.

Revenue rose 11 percent to $3.63 billion, beating the $3.53 billion analysts expected.

Shares of the New York-based company dipped 38 cents to $59.24 in after-hours trading.

CBS benefited from the sale of "NCIS: Los Angeles" reruns to USA Network and from the sale of "The Good Wife" to the Hallmark Channel, Amazon's Prime streaming service and Hulu Plus.

Boxer Floyd Mayweather Jr.'s showdown with Saul "Canelo" Alvarez in late September drove higher revenue at its premium pay TV network Showtime.

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