Thomson Reuters earnings up 25.6%

Financial news and information group Thomson Reuters on Tuesday reported a jump in first quarter profits, paced by gains in tax and accounting services and its electronic market trading platform.

The company, which is incorporated in Canada and has its headquarters in New York, reported a net profit of $314 million, up 25.6 percent from a year ago and besting expectations.

That amounted to 44 cents a share excluding one-time items, ahead of the average analyst forecast of 41 cents.

Revenue edged up one percent from the same period a year ago to $3.35 billion.

"The first-quarter performance was consistent with our full-year expectations," said chief executive James Smith.

"The Legal, Tax & Accounting and IP & Science businesses each performed well. Our Financial & Risk business continues to make progress in a very difficult environment. We are executing against a more focused strategy. In all, we are on track and affirm our full-year outlook."

Smith noted that the group last week announced an agreement to sell its health care business, which provides software and other health information services, for $1.25 billion, to focus on core operations.

The company confirmed its outlook for revenue growth of around five percent for the year.

Each of the Thomson Reuters divisions showed revenue growth, led by 31 percent gains in tax and accounting products. Financial services revenue was up just one percent, but lifted 10 percent in the Marketplaces unit which includes the Tradeweb platform.

Revenue from news operations under the Reuters agency, which includes some 3,000 journalists in 200 bureaus worldwide, was steady at $82 million for the quarter.

Thomson Reuters announced a reorganization last year that involves merging its Markets division and Professional division.

Thomson Reuters' Professional division provides legal, tax and accounting, health care and science products while the Markets division supplies financial and other products.

Thomson Reuters was created in 2008 with Canadian media giant Thomson Corp's takeover of British-based Reuters.

Its shares were up 1.5 percent at $30.27 in morning trade on Wall Street.

Editor’s note:Yahoo Philippines encourages responsible comments that add dimension to the discussion. No bashing or hate speech, please. You can express your opinion without slamming others or making derogatory remarks.

  • What can void a new car warranty? James Deakin - Wheel Power
    What can void a new car warranty?

    "I was denied warranty once for changing my horn!" One very annoyed reader wrote. "I was told that placing a backup camera will void my warranty" said another. The others are best left in my private inbox as Yahoo! have a swear jar in the office that I do not feel like donating this week's pay to. Continue reading → …

  • Docu exposes destruction of PH marine resources VERA Files - The Inbox
    Docu exposes destruction of PH marine resources

    By Kiersnerr Gerwin B. Tacadena, VERA Files “Gutom (hunger),” Sen. Loren Legarda said is what’s in store for the Filipino people if destruction of the country's marine resources is not stopped. Legarda, chair of the Senate committee on Environment and Natural … Continue reading → …

  • ‘Yolanda’ fiberglass boats modern-day Noah’s ark VERA Files - The Inbox
    ‘Yolanda’ fiberglass boats modern-day Noah’s ark

    By Jane Dasal, VERA Files If you want to save the earth, build a boat. That's what a group of environmentalists is saying, especially if you want to save both the forests and fishermen affected by supertyphoon “Yolanda” (Haiyan). “Haiyan … Continue reading → …

POLL
Loading...
Poll Choice Options