S&P 500 (NYSE:SPY) component CBS Corporation (NYSE:CBS) reported net income above Wall Street’s expectations for the second quarter. CBS Corporation is a mass media company with operations in entertainment, cable networks, publishing, local broadcasting and radio.

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CBS Earnings Cheat Sheet for the Second Quarter

Results: Net income for CBS Corporation rose to $395 million (58 cents per share) vs. $150.1 million (22 cents per share) in the same quarter a year earlier. This is a more than twofold rise from the year earlier quarter.

Revenue: Rose 7.7% to $3.59 billion from the year earlier quarter.

Actual vs. Wall St. Expectations: CBS beat the mean analyst estimate of 45 cents per share. Analysts were expecting revenue of $3.56 billion.

Quoting Management: “CBS’s second quarter performance built on our tremendous first quarter, posting strong results throughout each of our businesses,” said Sumner Redstone, Executive Chairman, CBS Corporation. “The Company continues to operate at an exceptionally high level as we remain focused on creating the absolute best content and distributing that content in strategic and profitable ways. I am confident that Leslie and his team will continue to manage CBS for success and enhance shareholder value for a long, long time to

Key Stats:

The company has now topped analyst estimates for the last four quarters. It beat the mark by 10 cents in the first quarter, by 2 cents in the fourth quarter of the last fiscal year, and by 5 cents in the third quarter of the last fiscal year.

Revenue rose last quarter after seeing a drop the quarter before. Revenue fell 0.6% to $3.51 billion in the first quarter from the year earlier.

Competitors to Watch: The Walt Disney Company (NYSE:DIS), Scripps Networks Interactive, Inc. (NYSE:SNI), Time Warner Inc. (NYSE:TWX), Comcast Corporation (NASDAQ:CMCSA), Cumulus Media Inc. (NASDAQ:CMLS), News Corporation (NASDAQ:NWSA), DISH Network (NASDAQ:DISH), DirecTV (NASDAQ:DTV), Netflix (NASDAQ:NFLX), Radio One, Inc. (NASDAQ:ROIAK), AOL Inc. (NYSE:AOL), Entercom Communications Corp. (NYSE:ETM), and Entravision Communication (NYSE:EVC).

Investing Insights: Steve Jobs Prepares to Deliver a New Catalyst for Apple’s Stock >>

(Source: Xignite Financials)

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