THR reports the company, which reported its financial results after Wall Street's closing bell on Thursday, was expected to earn 75 cents per share, about $446 million, on revenue of $3.92 billion.
Net earnings rose to $468 million from $443 million a year ago.
"I'm very pleased to be reporting record first-quarter profits, driven once again by our fast-growing, higher-margin revenue streams," CEO Leslie Moonves said.
Revenue from CBS fell 5 percent compared to the same quarter a year earlier, though the entire difference can be attributed to the $280 million that the network's broadcast of Super Bowl XLVII brought in a year ago.
While the CBS "entertainment" segment logged a 9 percent decrease in revenue, -- due to the Super Bowl comparison as well as two fewer NCAA Tournament basketball games than a year ago -- the company's "cable networks" showed a 12 percent increase.
CBS said growth at cable networks was driven by revenue generated by Showtime, CBS Sports Network and Smithsonian Networks.
Local broadcasting revenue fell 2 percent during the quarter, and CBS again attributed the decline to the Super Bowl and NCAA basketball. Meanwhile, Radio was up 2%, with double-digit increases in several categories, including travel, health care, telecom and Entertainment.
Moonves also predicted a "surge in political" spending will help CBS post strong results in the upcoming quarters because of what are expected to be contentious mid-term elections this year.
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