Thomson Reuters Corp on Wednesday reported stronger-than-expected quarterly prof...
NEW YORK - Thomson Reuters Corp on Wednesday reported stronger-than-expected quarterly profit, helped by strong demand for information it sells to legal professionals, and reaffirmed its forecast for the rest of this year and 2020.
The news and information provider and parent of Reuters News reported earnings excluding special items of 36 cents per share, compared with 28 cents per share a year ago, partly due to lower interest expenses and stock repurchases.First-quarter revenue rose 8 percent from a year ago to $1.49 billion, slightly below analysts’ average estimate of $1.5 billion.
Currency exchange rates weighed on sales across the company’s operations. Excluding that effect, each of the company’s units reported higher revenue. The largest business, Legal Professionals, reported a 3-percent rise in sales in constant currency and a 19-percent jump in adjusted earnings. Last year, Thomson Reuters sold a 55-percent stake in its Financial & Risk unit, which provides data and news primarily to financial customers, to private equity firm Blackstone Group LP. The deal valued the F&R unit, now a standalone business called Refinitiv, at about $20 billion.
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