CBS Corporation CBS is slated to report first-quarter 2016 results on May 3 after the closing bell. The big question facing investors now is, whether the company will be able keep its earnings streak alive or not.In the previous, quarter the company had beat on earnings by 1.1%. Notably, the company surpassed the Zacks Consensus Estimate in the trailing four quarters, with an average earnings beat of 4.1%. Let’s see how things are shaping up for this announcement.CBS Corporation (CBS) Street EPS & Surprise Percent - Last 5 Quarters | FindTheCompanyLikely Earnings Beat in the CardsOur proven model shows that CBS is likely to beat earnings estimates this quarter earnings because it has the perfect combination of two key ingredients.Zacks ESP: Earnings ESP , which represents the difference between the Most Accurate estimate and the Zacks Consensus Estimate, stands at +1.08%. This is because the Most Accurate estimate is of 94 cents, while the Zacks Consensus Estimate is pegged at 93 cents.Zacks Rank: CBS currently has a Zacks Rank #3 (Hold). Note that stocks with Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 have a significantly higher chance of beating earnings estimates.We caution against stocks with a Zacks Rank #4 or 5 (Sell-rated stocks) going into the earnings announcement, especially when the company is seeing negative estimate revisions.Factors Influencing this QuarterWe expect CBS to report better-than-expected earnings in the first quarter on the back of an increase in revenues at the company’s Cable Network, which in turn, will benefit from the extra NFL playoff game, Super Bowl 50 as well as the Grammy show. Local broadcasting will also gain from the Super Bowl in the first quarter. In addition, management anticipates that ad revenues will get a boost from political spending.CBS expects retransmission consent and reverse compensation to exceed the $2 billion mark in 2020. The company also estimates that retransmission consent and reverse compensation will touch $1 billion in 2016 – a year earlier than previously anticipated. Moreover, with the launch of Showtime's streaming service; online news channel, CBSN; and over-the-top service, CBS All Access; the company has been generating higher revenues.Stocks Poised to Beat Earnings EstimatesHere are some companies you may want to consider as our model shows that these have the right combination of elements to post an earnings beat:Twenty-First Century Fox, Inc. FOXA has an Earnings ESP of +2.17% and a Zacks Rank #3.Discovery Communications, Inc. DISCA has an Earnings ESP of +2.22% and a Zacks Rank #3.Nexstar Broadcasting Group, Inc. NXST has an Earnings ESP of +19.40% and a Zacks Rank #3.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report CBS CORP (CBS): Free Stock Analysis Report NEXSTAR BRDCSTG (NXST): Free Stock Analysis Report DISCOVERY COM-A (DISCA): Free Stock Analysis Report TWENTY-FST CF-A (FOXA): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research