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NEW YORK (Reuters) – Thomson Reuters (NYSE:TRI) Corp on Wednesday reported higher sales and operating profit in the second quarter, helped by strong performance at its “Big 3” segments: Legal Professionals, Corporates and Tax & Accounting Professionals.
The news and information company reported adjusted earnings of 84 cents per share. It was not immediately clear if that compared directly to analyst forecasts for 78 cents.
Total revenue rose 2% in the quarter to $1.65 billion, missing expectations, according to estimates from Refinitiv. The company said net divestitures had a 3% negative impact on revenue.
Thomson Reuters, which owns the Westlaw legal database, Reuters news agency and the Checkpoint tax and accounting service, said organic revenue was up 7% for the “Big 3” segments that together account for the lion’s share of revenue and profit.
CEO Steve Hasker said he saw “good momentum across our portfolio despite an uncertain macro backdrop.” He added, “Importantly, our confidence around the opportunity that generative AI brings to us and our customers continues to strengthen.”
Thomson Reuters maintained its full-year 2023 outlook for organic revenue, adjusted EBITDA margin and free cash flow. It said the first half of the year gave it “increasing confidence” about its financial outlook but cautioned that “many signs that point to a weakening global economic environment” that could impact its guidance.
The company sold 15.5 million shares of the London Stock Exchange Group (LON:LSEG) in the second quarter, for gross proceeds of $1.6 billion.
(This story has been corrected to say second quarter, not first quarter, in paragraph 1)
