Media News

Reuters parent beats projections, but warns of slowing economy

November 1, 2022

Posted by Chris Roush

Thomson Reuters Corp., the parent of the Reuters news service, kept its financial guidance for this year and next after a forecast-beating rise in third-quarter earnings on Tuesday, but warned any worsening of the economic outlook could impact its ability to meet targets, reports Nick Zieminski and Ken Li of Reuters.

Zieminski and Li write, “Thomson Reuters, which owns the Westlaw legal database and the Checkpoint tax and accounting service, made $1.57 billion in quarterly sales, up 3%, slightly below expectations of $1.59 billion. Adjusted earnings per share came in at 57 cents, 7 cents ahead of estimates.

“The company still sees sales growing 5.5% to 6% next year. But it noted 2023 margins were trending towards the lower end of the 39%-40% guidance range amid heightened inflation and investments.

‘The cost of labor is going up, and it’s a very big part of our cost base,’ Hasker said.

“Thomson Reuters’ peers include RELX Group’s LexisNexis, Bloomberg LP, News Corp’s Dow Jones, and Wolters Kluwer.”

Read more here.

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