FILE PHOTO: The Thomson Reuters logo is seen on the company building in Times Square, New York, U.S., January 30, 2018. REUTERS/Andrew Kelly//File Photo
August 5, 2021
By Kenneth Li and Nick Zieminski
NEW YORK (Reuters) -Thomson Reuters Corp reported better-than-expected results in the second quarter, with higher sales across its main divisions, and raised its annual revenue forecast.
Underscoring the upbeat outlook, fueled by a recovering global economy, the global news and information company said on Thursday it would buy back up to $1.2 billion of its shares.
“Our performance was consistent across the company, above our expectations, and positions us well for the rest of the year and 2022,” Chief Executive Steve Hasker said in a statement.
“These results reflect the confidence of our customers – in both an improving economic environment and in their prospects.”
The parent company of Reuters News said revenues rose 9% to $1.53 billion, compared to expectations of $1.5 billion. Adjusted earnings per share of 48 cents also topped analyst expectations, based on data from Refinitiv.
It was the fifth consecutive quarter that Thomson Reuters’ adjusted earnings topped Wall Street estimates.
Operating profit was down 14% to $316 million, reflecting one-time gains in the year-ago quarter.
Thomson Reuters’ three main divisions, Legal Professionals, Tax & Accounting Professionals, and Corporates, showed higher sales, led by a 15% revenue gain in the tax group, excluding currency fluctuations. On that basis, the Reuters News segment saw sales up 6% to $168 million in the quarter.
All the divisions are expected to show higher sales in the third quarter, and total revenue for 2021 is now seen rising 4% to 4.5%, Thomson Reuters said, marking the second increase to sales guidance this year.
(Writing by Nick Zieminski; Editing by Carmel Crimmins and Alexander Smith)
Source: One America News Network
