Saturday, February 24, 2024

Thomson Reuters increased its earnings in the fourth quarter

Thomson Reuters Corp reported better-than-expected profit on Thursday, but divisional sales weighed on overall revenue growth, overshadowing revenue growth in three quarters. its largest division, which provides services to legal, tax and accounting firms. .

The Toronto-based company posted revenue growth of 3% in the fourth quarter, to a total of $1.8 billion, slightly below analyst estimates of $1.82 billion, according to data from LSEG. . It posted adjusted earnings per share of 98 cents in the fourth quarter. Wall Street expected earnings per share of 90 cents, according to LSEG data.

“Last year was a year of innovation and success for our business,” said Steve Hasker, president and CEO of Thomson Reuters, in a statement. “We are making significant progress in delivering solutions powered by Generative AI, including the launch of AI-Assisted Research at Westlaw Precision, as well as expanded features and design improvements to our product portfolio.”

The company said it expects to complete the $1 billion share buyback by the end of the second quarter.

Thomson Reuters sees 2024 earnings rising by around 6%, or slightly above estimates of 5.7%, according to LSEG data.

Operating income fell 11% to $558 million, taking into account gains from divestitures last year, but rose 12%, excluding a one-time gain from higher revenue and lower costs.

World Nation News Desk
World Nation News Desk
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