Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Thomson Reuters tops revenue, profit forecasts in first quarter

Stock MarketsMay 04, 2021 10:05AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: The logo of Thomson Reuters is pictured at the entrance of its Paris headquarters, France, March 7, 2016. REUTERS/Charles Platiau

By Kenneth Li and Nick Zieminski

NEW YORK (Reuters) -Thomson Reuters exceeded first quarter revenue and operating profit estimates on Tuesday, helped by gains in its three main divisions and an economic recovery, as the global news and information company predicted full-year sales growth at the high end of earlier forecasts.

Adjusted earnings per share, which excluded a gain from the sale of the Thomson Reuters (NYSE:TRI)' investment in Refinitiv and other adjustments, rose to 58 cents per share, well ahead of the 42 cents forecast by analysts.

That excludes a gain from the sale of a stake in data and analytics company Refinitiv to the London Stock Exchange Group (LON:LSEG). Thomson Reuters holds a 15% stake in the LSE following the Refinitiv deal, which closed in January.

Thomson Reuters, which owns Reuters News, said in a statement that its overall operating profit rose by a third to $387 million during the first quarter.

Total sales were up 4% to $1.58 billion, ahead of estimates, and Thomson Reuters said they are forecast to grow 3.5% to 4% for the full year. It said second-quarter revenue growth will be the year's high point, reflecting the improvement from the same period last year, when the impact of the COVID-19 pandemic hit.

Thomson Reuters' three main divisions, Legal Professionals, Tax & Accounting Professionals, and Corporates, showed sales gains of between 3% and 7%, it said.

Its New York and Toronto listed shares both gained more than 4% in early trading.

"We're pleased with the start of the year and our results and we're cautiously optimistic that the economies in which we operate are starting to recover and showing upside and promise for the rest of the year," Chief Executive Steve Hasker said in an interview after the results.

However, he cautioned that risks remained as the coronavirus pandemic has surged in some parts of the world.

Hasker said Thomson Reuters could announce potential takeover targets in the second half of 2021, but noted that asset prices are "full" at present.

The company's Reuters News segment grew sales by 2% to $160 million in the quarter, helped by its professional business.

Reuters last month unveiled a new subscription website as part of a broad initiative to court business professionals, joining many other major news organizations which already charge for their content.

Also in April, Reuters named one of its top editors, Alessandra Galloni, as its next editor-in-chief. Galloni is the first woman to lead the globe-spanning news organization in its 170-year history.

Thomson Reuters tops revenue, profit forecasts in first quarter
 

Related Articles

4 Buy-Rated Growth Stocks to Snatch-up in May
4 Buy-Rated Growth Stocks to Snatch-up in May By StockNews - May 14, 2021

Even though growth stocks fell out of favor this year with investors who chose to rotate to cyclical stocks to capitalize on the economic recovery, some are still solid bets...

3 Housing Market Stocks to Buy on the Dip
3 Housing Market Stocks to Buy on the Dip By StockNews - May 14, 2021

The housing market's strength is going to continue well into the next decade due to favorable supply and demand factors.One of the strongest sectors of the economy is housing....

4 Best Computer Hardware Stocks to Buy in May
4 Best Computer Hardware Stocks to Buy in May By StockNews - May 14, 2021

Because the remote working culture is here to stay even in the post-pandemic environment, increasing demand for computer hardware should be anticipated because computers help...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
danny Levine
danny Levine May 04, 2021 10:15AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
ban Reuters!
Benjamin McIntire
Benjamin McIntire May 04, 2021 10:15AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
BaN rEuTeRs!!!1
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email