Thomson Reuters reports higher quarterly revenue, raises cash flow outlook

The Thomson Reuters office in Singapore September 3, 2018. REUTERS/Thomas White/Files

(Reuters) – Thomson Reuters Corp reported higher revenue for the third quarter on Tuesday and raised its full-year free cash flow outlook for 2020.

The news and information provider, which owns Reuters News, said quarterly revenue rose 2% to $1.44 billion and operating profit rose 21% to $318 million.

“I’m very pleased to report our markets and businesses continue to prove resilient in the face of a challenging broader macro-environment,” Thomson Reuters Chief Executive Steve Hasker said in a statement.

Adjusted earnings of 39 cents per share were ahead of the 38 cents analysts expected, according to IBES data from Refinitiv, while the company’s quarterly revenue of $1.44 billion was also slightly above Wall Street expectations.

Both the Legal Professionals and Corporates divisions showed higher quarterly sales and adjusted profit.

Organic revenues at the Reuters News division slipped 2%, reflecting a decline in the agency business and the ongoing impact of the coronavirus crisis on its events business.

“I’m confident we will continue to effectively manage through this challenging environment and build on this performance in 2021,” Hasker said.

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