CBS Inc. reported third-quarter net earnings of...
CBS Inc. reported third-quarter net earnings of $42.7 million, contrasted with a $169.1-million loss a year ago, citing its television network’s return “to a slightly profitable level.â€
The earnings translated into $2.76 a share, contrasted with a loss of $11.11 a share in the third quarter of 1991.
Last year, the company made a $322-million pretax provision for future losses from the network’s broadcasts of professional baseball and football.
CBS said sales and profit from its television stations division rose in the quarter, aided by “substantially improved†results from stations in Philadelphia and Chicago as well as the acquisition of stations in Minneapolis and Green Bay, Wis.
The New York company’s revenue for the quarter was $672.8 million, compared to $625.6 million a year ago.
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