Reuters News reported revenues of $155 million in the first quarter, essentially flat compared to a year ago, according to the first-quarter earnings release from parent company Thomson Reuters.
Organic revenues decreased 4% due to COVID-19 related cancellations of events in the Reuters Events business — formerly FC Business Intelligence — acquired in October 2019.
Nearly all of Reuters Events in-person conferences have been postponed through August 2020, which is expected to result in lost revenues of approximately $25 million in the second quarter, or about 50% of Reuters Events expected full-year revenues.
The Reuters Events business could forgo an additional $15 million of revenues in the fourth quarter of 2020 if it is unable to resume in-person conferences.
Reuters News full-year 2020 revenues are expected to decline between 4% and 6%.
Adjusted EBITDA for Reuters News in the quarter was $19 million, down $4 million from the prior-year period mainly due to costs associated with the cancellation of Reuters Events and higher investments.
The full earnings release can be found here.
