Thomson Reuters Earnings Climb, Revenue Growth Targeted
By Robb M. Stewart
Thomson Reuters is targeting a step up in revenue growth in the years ahead, after boosting earnings in the final quarter of last year thanks to an increase in value of the Canadian news and information provider's investment in London Stock Exchange Group.
Net earnings climbed to $678 million, or $1.49 a share, from $218 million, or 45 cents, a year earlier.
On an adjusted basis, per-share earnings for the three months came to 98 cents, beating the 91 cents mean estimate of 14 analysts polled by FactSet.
Revenue for the quarter rose 2.8% to $1.82 billion, slightly below the $1.84 billion expected. The company said asset sales had a 4% negative impact on revenue, though foreign currency had no impact for the period.
Among its operations, the company's Reuters News business recorded revenue growth of 11%, but it saw an about 6% drop in revenue for its Global Print operations. Legal Professionals revenue was down roughly 1%.
Revenue for the full year rose 2.5% to $6.79 billion, just outside the 3% to 3.5% growth range the company was targeting.
Thomson Reuters forecast revenue growth for the new year of about 6.5%, or 6% on an organic basis from ongoing operations. The pace of growth is projected to be between 6.5% and 8% for the 2025-26 period, driven by the company's biggest business segments.
Thomson Reuters, which in January bought London-based insurance-industry editorial provider World Business Media, the same month launched a takeover bid for Nasdaq-listed Pagero Group that valued its shares at roughly $773 million.
Dow Jones competes with Thomson Reuters in financial news and information services.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
February 08, 2024 07:23 ET (12:23 GMT)
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