CBS profit jumps as ad sales climb

In a statement, CBS /quotes/comstock/13*!cbs/quotes/nls/cbs (CBS 15.20, -0.33, -2.13%) Chief Executive Les Moonves commented: "Looking to the second half of 2010, all signs point to ongoing growth and profitability."

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 FactSet Research were expecting a profit of 21 cents a share on sales of $2.14 billion.

otal ad sales rose 9%, affiliate and subscription fees were up 12%, and content licensing and distribution revenue increased 19%.