CBS posts Q2 profit

CBS posts Q2 profit

NEW YORK - Television and radio broadcaster CBS Corp. posted a higher quarterly profit on a tax benefit but said Thursday revenue slipped on weakness in its television and radio unit. The New York company posted a quarterly net profit of $781.7 million, or $1.02 per share, compared with a profit of $753.8 million, or 94 cents per share, a year earlier. On a continuing operations basis, excluding its parks operations, which it sold, CBS earned $489.8 million, or 64 cents per share, up from $380.1 million, or 47 cents per share. Quarterly profit was boosted by $129 million tax gain (which translates to 17 cents per share). Revenue fell 1% to $3.48 billion. Wall Street expected earnings of 50 cents per share and revenue of $3.6 billion, according to Reuters Estimates. Revenue for television, the company's largest unit, fell 1% on lower DVD sales and flat ad sales from a year earlier. Operating income in the division fell 3%. Radio revenue fell 8% to $519.1 million on weak ad sales, offsetting a 7% sales gain in the outdoor advertising business. Its book publishing unit, Simon and Schuster also saw a 1% sales gain to $176 million. "Going forward, we're determined to translate the higher margins afforded by digital content into increased shareholder value," CBS Chief Executive Officer Leslie Moonves said in a statement. The company did not break out financial figures for its digital operations. Looking ahead, the company reaffirmed its full year 2006 financial outlook of a low single-digit percentage growth in revenue and mid single-digit growth in operating income and earnings per share. Shares of CBS fell 0.79 or -2.91% on Thursday on the New York Stock Exchange.CBS posts Q2 profit
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