Thomson Reuters reports Q3 profit as revenue crept up from year ago mark

Thomson Reuters reports Q3 profit as revenue crept up from year ago mark
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TORONTO — Thomson Reuters reported a third-quarter profit compared with a loss in the same quarter a year ago as its revenue also improved.

The Toronto-based news and business information services company, which keeps its books in U.S. dollars, says it earned US$241 million or 48 cents per diluted share for the quarter ended Sept. 30 compared with a loss of US$44 million or nine cents per diluted share a year earlier.

Revenue totalled US$1.44 billion, up from US$1.41 billion in the same quarter last year.

The increase in revenue came due to growth in both recurring and transactions revenues, partly offset by a decline in global print revenues and a negative impact from foreign currency.

On an adjusted basis, Thomson Reuters says it earned 39 cents per share in the quarter, up from an adjusted profit of 27 cents per share a year ago.

Analysts on average had expected a profit of 38 cents per share and $1.43 billion in revenue, according to financial data firm Refinitiv.

“Our third-quarter results were above our expectations across the group from the top line to the bottom line,” Thomson Reuters chief executive Steve Hasker said in a statement.

“Our customers are adapting to a new cadence in this environment, and we continue to adapt to support them in their evolving ways of working.”

This report by The Canadian Press was first published Nov. 3, 2020.

Companies in this story: (TSX:TRI)

The Canadian Press

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