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CBS eyes earnings gain
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August 5, 1998: 9:56 a.m. ET
Network's 2Q profit beats last year's results but falls short of forecasts
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NEW YORK (CNNfn) - CBS Corp. reported a second-quarter profit of $4 million, beating year-ago results but falling short of Wall Street forecasts.
CBS, one of the Big Four television networks, said its earnings amounted to a penny a share, below First Call estimates of 2 cents a share. The company also reported second-quarter revenue of $1.48 billion.
Despite falling short of analyst expectations, those figures easily beat last year's second- quarter, when CBS logged an operating loss of $11 million, or 4 cents a share, on $1.28 billion in revenue.
"We are pleased with the ongoing growth of radio and outdoor (advertising), the television stations and the network," said Mel Karmazin, CBS president and chief operating officer, who added the company is expecting the return of NFL football to drive TV revenues further.
CBS also said its board of directors has authorized an increase of $2 billion to its stock repurchase plan, which was initiated in February 1998. The increase brings the total plan to $3 billion.
For the first half, CBS reported earnings of $23 million, or 3 cents a share, on $3.4 billion in revenue, well ahead of 1997's first half, when the company posted a loss of $102 million, or 21 cents a share, on $2.6 billion in revenue.
CBS (CBS) shares closed at 33-11/16, down 1/4 in Tuesday trading. 
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CBS
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