Thomson Reuters tops Q1 revenue, operating profit estimates
Tuesday 4 May 2021
Reuters News owner Thomson Reuters reported higher first quarter revenue and operating profit on Tuesday, helped by its three main divisions and a rebounding economy.
Full-year sales growth will be at the high end of original estimates, it said.
Adjusted earnings per share, which exclude a gain from the sale of the company’s investment in Refinitiv and other adjustments, rose to 58 cents per share, from 48 cents in the prior-year period. That was well ahead of the 42 cents analysts expected, according to Refinitiv estimates.
Q1 operating profit rose by a third to $387 million.
Total sales were four per cent higher at $1.58 billion, ahead of estimates, and the company said they are forecast to grow up to four per cent for the full year.
The group’s three main divisions, legal professionals, tax & accounting professionals, and corporates, showed sales gains between three and seven per cent. Reuters News grew sales by two per cent to $160 million.
“Our customers are more confident in an improving economic environment and those positive prevailing tailwinds were reflected in strong sales across our businesses,” Steve Hasker, president and chief executive, said in a statement.
However, he cautioned that risk remained as the COVID-19 pandemic has surged in some parts of the world. ■