CBS 1Q beats estimates on upbeat ad revenue

(AP) NEW YORK - Broadcaster CBS says it had record revenue in the first three months of the year and profit that beat analysts’ expectations as big events like the Super Bowl pushed advertising revenue higher.

First-quarter earnings rose 22 percent to $443 million, or 69 cents per share.

Excluding a loss from the outdoor billboard business in Europe and Asia, which it expects to sell this year, adjusted earnings came to 73 cents per share, 5 cents better than the 68 cents predicted by analysts polled by FactSet.

Revenue rose 6 percent to $4.04 billion, better than the $4.02 billion expected by analysts.

Ad revenue was up 8 percent to $2.46 billion, but content licensing fees fell 1 percent to $1.01 billion.

CBS Corp.’s stock rose 1.3 percent in after-hours trading to $47.