He added that ad trends indicate "that the recovery is continuing," and that CBS should get "a significant lift in political advertising" leading up to the November elections.
CBS said it earned $150.1 million, or 22 cents a share, compared with a profit of $15.4 million, or 2 cents a share, in the same quarter a year ago.
Excluding items related to the early extinguishment of debt and a restructuring, CBS said it would have earned $175.2 million, or 25 cents a share, in the latest three months.
Revenue rose 11% to $3.33 billion.
On average, analysts polled by Facesets reportwere expecting a profit of 21 cents a share on sales of $2.14 billion.
Total ad sales rose 9%, affiliate and subscription fees were up 12%, and content licensing and distribution revenue increased 19%.
News Corp (NWS 15.63, -0.30, -1.88%) /quotes/comstock/15 (NWSA 14.05, -0.30, -2.09%) -- the parent company of MarketWatch, the publisher of this report -- is expected to report fiscal fourth-quarter earnings of 20 cents a share, according to analysts surveyed by FactSet Research. Time Warner (TWX 32.00, -0.07, -0.21%) is forecast to post earnings of 45 cents a share in the second quarter, according to analysts surveyed by FactSet Research.
PG&E Corp (PCG 45.55, +0.32, +0.71%) is estimated to report a profit of 90 cents a share in the second quarter, according to analysts surveyed by FactSet Research.
Allstate Corp (ALL 28.88, -0.53, -1.80%) is likely to report a second-quarter profit of 75 Hartford Financial Services Group Inc. (HIG 22.28, -0.40, -1.76%) is forecast to post earnings of 79 cents a share in the second quarter, according to analysts surveyed by FactSet Research.
Prudential Financial Inc. (PRU 58.78, +0.78, +1.35%) is estimated to report a profit of $1.35 a share in the second quarter, according to analysts surveyed by FactSet Research.
CenterPoint Energy Inc. (CNP 14.74, -0.07, -0.47%) is expected to report earnings of 22 cents a share in the second quarter, according to analysts surveyed by FactSet Research.
Cents a share, according to analysts Surveyed by Faceset research Research.
Devon Energy Corp. (DVN 64.50, -1.19, -1.80%) is projected to post a second-quarter profit of $1.38 a share, according to analysts surveyed by FactSet Research.
Heath Care REIT Inc. (HCN 45.41, -0.09, -0.20%) is expected to report second-quarter earnings of 41 cents a share, according to analysts surveyed by FactSet Research.
AOL Inc. (AOL 22.48, -0.46, -2.01%) is expected to report earnings of 54 cents a share in the second quarter, according to analysts surveyed by FactSet Research.
Garmin Ltd (GRMN 30.25, +0.26, +0.85%) is likely to report a second-quarter profit of 73 cents a share, according to analysts surveyed by FactSet Research.
After Tuesday's closing bell, Barnes & Noble (BKS 14.92, -0.10, -0.67%) said its board will consider strategic alternatives, including a possible sale of the company, in a bid to boost stockholder value. "The board came to this decision based on the price of Barnes & Noble shares in the marketplace, which the board believes are now significantly undervalued," said the bookseller in a statement. Barnes & Noble has retained Lazard to serve as its financial advisor. More on Barnes & Noble.
Anadarko Petroleum Corp. APC 55.53, -1.40, -2.45%) , which holds a 25% stake in BP PLC's (BP 41.33, +0.65, +1.60%) ruptured Macondo oil well in the Gulf of Mexico, reported a second-quarter net loss attributable to shareholders of $40 million, or 8 cents a share, narrowing a net loss of $226 million, or 48 cents a share, a year ago. Excluding one-time items, earnings from ongoing operations were $244 million, or 49 cents a share, in the latest quarter. Analysts polled by FactSet Research were, on average, looking for earnings from ongoing operations of 41 cents a share. Revenue for the three months ended June 30 rose to $2.6 billion from $1.91 billion.
CBS Corp. CBS 15.31, -0.22, -1.42%) said its second-quarter profit jumped as advertising sales, subscription and licensing fees all increased sharply. CBS said it earned $150 million, or 22 cents a share, compared with a profit of $15.4 million, or 2 cents a share, in the same quarter a year ago. Excluding items related to the early extinguishment of debt and a restructuring, CBS said it would have earned $175.2 million, or 25 cents a share, in the latest three months. Revenue rose 11% to $3.33 billion. On average, analysts polled by FactSet Research were expecting a profit of 21 cents a share on sales of $2.14 billion. Total ad sales rose 9%, affiliate and subscription fees were up 12%, and content licensing and distribution revenue increased 19%. More on CBS.
Dollar Thrifty Automotive Group Inc. (DTG 48.32, +0.56, +1.17%) said it believes a bid from Avis Budget Group (CAR 10.58, -0.34, -3.15%) could be better than an offer from Hertz Global Holdings Inc. (HTZ 10.09, -0.37, -3.50%) but added that it does not have assurances an Avis transaction would close in a timely matter. Avis offered Dollar Thrifty $46.50 a share in cash and stock for the company, compared with a $41 a share cash and stock offer from Hertz. Dollar Thrifty President and Chief Executive Scott Thompson told Avis Chairman and CEO Ronald Nelson in a letter that while the Avis bid may be more favorable financially for stockholders, and may have fully committed financial backing, Avis seems unwilling to provide a reverse termination fee and does not show it could overcome antitrust hurdles. Separately, Hertz reported a second-quarter loss of $25.1 million, or 6 cents a share, down from profit of $3.9 million, or 1 penny a share, in the year-ago period. On an adjusted basis, the rental car company would have reported earnings of $58.5 million, or 14 cents a share. Revenue rose to $1.88 billion from $1.75 billion last year. Analysts surveyed by FactSet research had forecast earnings of 13 cents a share on revenue of $1.89 billion.
Electronic Arts Inc. (ERTS 16.96, -0.27, -1.57%) reported a fiscal first-quarter profit of $96 million, or 29 cents a share, on total revenue of $815 million. However, excluding certain items EA reported a loss of $78 million, or 24 cents a share, on $539 million in revenue, compared with a loss of $6 million, or 2 cents a share, on $816 million in sales in the year-ago period. By that measure, analysts surveyed by Thomson Reuters had forecast EA to lose 35 cents a share on $502.3 million in revenue. For its second-quarter, EA forecast a loss of 10 cents to 15 cents a share on $775 million to $825 million in revenue, excluding certain items. More on Electronic Arts.
Goodyear Tire & Rubber Co (GT 11.10, -0.35, -3.06%) said its President and Chief Executive Richard Kramer was elected chairman of the board, effective Oct. 1. He will succeed Robert Keegan, who will step down as chairman and retire.
Priceline.com Inc (PCLN 296.44, +3.77, +1.29%) reported its second-quarter net income nearly doubled to $115 million or $2.26 a share, from $67 million, or $1.38 a share, in the same quarter last year. On an adjusted basis, the online travel agency would have earned $3.09 a share. Revenue increased 27.1% to $767.4 million. Analysts surveyed by FactSet Research had forecast Priceline to earn $2.65 a share on revenue of $732.7 million.
Unum Group (UNM 21.70, -0.18, -0.82%) said second-quarter net income came in at $209.7 million, or 63 cents a share, down from the same period a year earlier when the disability insurer made $267.2 million, or 80 cents a share. Excluding net realized investment gains and losses, Unum said it made $228.6 million, or 69 cents a share, in the latest period. The company was expected to make 67 cents a share, according to the average estimate of 17 analysts in a FactSet survey. The benefit ratio of Unum's main U.S. group disability business was 84.6% in the second quarter, versus 87% in the same period last year. The benefit ratio measures claims paid as a percentage of premiums, so the lower, the better.
Whole Foods Market Inc. WFMI 36.51, +0.15, +0.41%) reported its fiscal third-quarter net income almost doubled from a year ago on a jump in sales at its existing grocery stores. For the quarter ended July 4, net income for the food retailer was $65.7 million, or 38 cents a share, up from $34.9 million, or 25 cents a share, in the same quarter last year. Sales rose 15% to $2.2 billion. Identical store sales climbed 8.4%, up from 7.7% for the quarter ended April 11 and 2.5% for quarter ended Jan. 17
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