Thomson Reuters raises its outlook as revenue growth picks up

Earnings


The Thomson Reuters logo is seen on the company building in Times Square, New York.

Carlo Allegri | Reuters

Thomson Reuters raised its sales and core profit outlook for 2019 and 2020 on Thursday after reporting 4% organic revenue growth for the second quarter, which it said was its best since 2008 and ahead of its expectations.

The company also confirmed that it and private-equity funds affiliated with Blackstone had agreed to sell their data business Refinitiv to the London Stock Exchange in a $27 billion all-share deal.

“We believe we are well positioned for future growth, and now expect 2019 and 2020 revenue growth and adjusted EBITDA to each be at the upper end of the guidance ranges previously provided,” Chief Executive Jim Smith said in a statement.

The news and information provider and parent of Reuters News had forecast 2019 revenue growth of 7% to 8.5% before the effect of currency, and growth of about half that pace in 2020.

In the second quarter, revenue rose to $1.42 billion from $1.31 billion a year ago as Thomson Reuters gained from payments it received from Refinitiv for its news service, broadly in line with analyst consensus of $1.43 billion.

Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) rose 2% to $355 million.



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