OLD Media Moves

Reuters parent beats estimates, raises outlook

Thomson Reuters Corp., the parent of the Reuters news service, raised its sales and earnings outlook for 2019 and 2020 on Thursday after reporting 4 percent organic revenue growth in the second quarter, which it said was its best since 2008.

Georgina Prodham and Matt Scuffham of Reuters reported, “Growth in the second quarter was driven by recurring revenues at all three of its biggest units – Legal, Corporates and Tax & Accounting – since the news and information provider sold a majority in its Financial and Risk business, now known as Refinitiv, to Blackstone last year.

“Adjusted earnings of 29 cents per share beat the average analyst estimate of 18 cents, according to IBES data from Refinitiv.

“Shares in the company, which hit an all-time high last week, rose as much as 2.2 percent in morning trading. The stock has risen 88 percent since last May, helped by a $10-billion share buyback and new product launches.

“‘Thomson Reuters is making nice progress in repositioning the business after the sale of Refinitiv,’ said Edward Jones analyst Matt Arnold. ‘It’s showed up in the quarter through nice organic growth and profitability improvement.'”

Read more here.

Chris Roush

Chris Roush was the dean of the School of Communications at Quinnipiac University in Hamden, Connecticut. He was previously Walter E. Hussman Sr. Distinguished Professor in business journalism at UNC-Chapel Hill. He is a former business journalist for Bloomberg News, Businessweek, The Atlanta Journal-Constitution, The Tampa Tribune and the Sarasota Herald-Tribune. He is the author of the leading business reporting textbook "Show me the Money: Writing Business and Economics Stories for Mass Communication" and "Thinking Things Over," a biography of former Wall Street Journal editor Vermont Royster.

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