Thomson Reuters reported results for the first quarter ended March 31, 2016. The company also re-affirmed its 2016 full-year outlook.
- Reported revenues declined 1%. Before currency, revenues grew 1%
- Excluding recoveries, revenues increased 2% (before currency)
- Adjusted EBITDA grew 2% to $748 million with a margin of 26.8% vs. 26.0% in the prior-year period. Currency had a 70 basis point favorable impact on the margin
- Underlying operating profit grew 8% to $498 million with a margin of 17.8% vs. 16.3% in the prior-year period. Currency had a 70 basis point favorable impact on the margin
- Adjusted earnings per share (EPS) increased 23% to $0.48, an increase of $0.09 per share. Currency had a $0.01 favorable impact on adjusted EPS
- Repurchased 11.7 million shares at a cost of $432 million in the first quarter
- Sale process for Intellectual Property & Science launched, with a closing currently expected in the second half of 2016
“The year is off to a solid start,” said Jim Smith, president and chief executive officer of Thomson Reuters. “Today’s results are in line with our expectations and it is encouraging to see the continued positive trajectory of our business, despite a somewhat volatile and challenging period in external markets during the first quarter.”
Source: Thompson Reuters Press Release
