CBS 2Q beats Street as dispute goes on

Jul 31, 2013

CBS says net income rose 11 percent in the latest quarter, beating the expectations of analysts even as a dispute with one of its key TV distributors continues.

Second-quarter net income grew to $472 million, or 76 cents per share. That's up from $427 million, or 65 cents per share, a year ago.

Revenue rose 11 percent to $3.7 billion.

Analysts polled by FactSet had expected 72 cents per share of earnings on revenue of $3.51 billion.

The benefited from licensing its shows to online streaming providers such as Netflix. CBS Corp. reported the results as a contentious fee fight with Time Warner Cable Inc. continued. The companies have set a Friday deadline after a previous deal expired in June.

Shares increased 45 cents to $53.30 in after-hours trading.

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