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May 3, 2011, 5:44 PM ET

CBS Beats Expectations and Doubles Dividend.Las Vegas Sands Pummelled on EPS Miss After Hours

By Avi Salzman
CBS (CBS) beat earnings and revenue estimates for the first quarter and doubled its quarterly payout, sending shares up 4.2% after hours.

CBS posted 29 cents against expectations for 19 cents; revenues came in at $3.51 billion, versus expectations for $3.46 billion. The company doubled its quarterly dividend to 10 cents from 5 cents, raising its yield to about 1.5%.

Cable revenues rose 6.8%, while entertainment revenues (the company’s largest division) dropped about 4.2%. Advertising revenue dropped to $2.29 billion, from $2.38 billion year over year.

“Our first quarter performance was driven by strong underlying advertising revenue growth and increases in non-advertising revenue streams, as we continue to maximize the value of CBS’s world-class content,” said CEO Les Moonves. “In addition, the strategic actions taken to strengthen our business model, including CBS Television’s new NCAA agreement, have helped deliver yet another consecutive quarter of year-over-year margin expansion.”

The company also confirmed that Scott Pelley will be taking over for Katie Couric as the anchor of the CBS Evening News.

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