CBS Corporation (CBS) recently reported better-than-expected third-quarter 2009 results. The quarterly earnings of 25 cents a share surpassed the Zacks Consensus Estimate of 22 cents, but fell 35.9% from 39 cents posted in the prior-year quarter.

On a reported basis, including one-time items, quarterly earnings of 30 cents a share improved from quarterly loss of $18.58 delivered in the year-ago quarter.

The sequential rise in revenue and the cost containment drove the earnings growth. Total revenue climbed 11.4% sequentially to $3,350 million in the quarter, but tumbled 0.8% year-over-year. However, the rate of year-over-year decline sharply decelerated from 11% and 14% experienced in the second and the first quarters of fiscal year 2009, respectively.

By segments, television revenue jumped 9.3% to $2,269 million, driven by a rise in television license fees (up 36%) and affiliate revenue (up 11%), partly offset by softness in local advertising revenue (down 5%). Publishing revenue climbed

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