Thomson Reuters on Tuesday reported a 9 percent rise in quarterly revenue, strip...
TORONTO - Thomson Reuters on Tuesday reported a 9 percent rise in quarterly revenue, stripping out the impact of currency, and said it is continuing to look for acquisitions to bolster its Legal and Tax & Accounting businesses, where demand is up in part because of U.S. tax reforms.
Earnings excluding special items were 20 cents per share, down from 22 cents per share a year ago. It was not immediately clear whether that was directly comparable to the 6-cent consensus estimate. “There are opportunities out there but I think market valuations are challenging for everyone,” Chief Executive Jim Smith said in an interview. “We have to make certain we find not only the right strategic fit but the fit that makes financial sense as well. It’s a pretty frothy M&A market at the moment.”Excluding exchange rate effects, Legal revenue rose by 4 percent during the quarter to $599 million. Tax & Accounting sales rose by 8 percent to $248 million.
Smith said U.S. tax reforms were helping stimulate demand for the company’s tax and accounting products.The company has retained a 45-percent stake in Refinitiv, which sells data and news primarily to financial customers. Under the agreement with Blackstone, Refinitiv will make minimum annual payments of $325 million to Reuters over 30 years, adjusted for inflation, to secure access to its news service, equal to almost $10 billion in all.
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