Net earnings were US$381 million or 44 cents a share in the three months ended Sept. 30th 2011 which was up from net earnings of US$277 million or 32 cents a share a year earlier. Excluding special items, Thomson Reuters reported adjusted earnings of 56 cents per share in the latest quarter, surpassing Wall Street’s expectations.
Three-month revenues rose to $3.45 billion from $3.26 billion, driven by strength in the company’s Professional division, which handles tax and accounting clients. Thomson Reuters had $2.36 billion in operating expenses in the latest quarter, down seven per cent from $2.53 billion a year earlier.
The Professional segment revenue grew 10 per cent to $1.38 billion. Markets division revenue was up one per cent to $1.89 billion. The company reaffirmed its outlook for revenue percentage growth in the mid-single digits in 2011.
In July, Thomson Reuters announced it is streamlining its markets division, which includes the Reuters news service and trading terminals. The division has performed below expectations. The company is combining its sales and trading unit with its investment and advisory business.
In September Thomson Reuters had unveiled a second shake-up by promoting two former Thomson Corp executives as the financial and professional information group disbanded its two-division structure to leave six operating units reporting to head office.
Source: Thomson Reuters