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Thomson Reuters reports better-than-expected quarterly profit

Reuters  |  TORONTO 

By Matt Scuffham

TORONTO (Reuters) - Corp on Tuesday reported a smaller-then-expected fall in third-quarter earnings and said it was on track for a solid 2018 and a better performance in 2019.

Adjusted for one-time items, the and information provider reported earnings per share of 11 cents, down from 27 cents a year ago, but above Wall Street's average estimate of 3 cents, according to IBES data from

Revenue rose 3 percent, excluding the effect of fluctuating exchange rates, to $1.29 billion. Analysts had expected revenue of $1.32 billion, on average.

"Our year-to-date performance strengthens our confidence that we are on track to deliver a solid year and an even better 2019," said in a statement.

The company reiterated its forecast, originally given in May, for low single-digit revenue growth in 2018. It said it now expects adjusted earnings before interest, tax, (EBITDA) of $1.3 billion for the year. It previously said it expected $1.2 billion to $1.3 billion. The year ago figure was $1.6 billion.

For the third quarter, the company's adjusted EBITDA fell 21 percent, excluding the effect of exchange rates, to $302 million, due to higher income tax expense from the company's continuing operations, offsetting higher earnings from its discontinued operations.

last month completed the sale of a 55-percent stake in its Financial & Risk unit to firm in a deal that valued the unit, now a standalone business called Refinitiv, at about $20 billion.

The company's Legal business reported revenue of $883 million in the third quarter, up 4 percent excluding currency effects, and its unit reported sales of $341 million, up 3 percent on the same basis.

(Reporting by in Toronto; Editing by Bill Rigby)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Tue, November 06 2018. 18:07 IST