Thomson Reuters Posts Declining 1Q Profit

Thomson Reuters (TRI), which operates the Reuters news service, legal service Westlaw and various health support tools, among other things, today reported a first-quarter 2010 profit of $134 million, down from $193 million a year ago.

“The tentative recovery in our net sales that we began to see in the second half of 2009 has firmed and accelerated in the first quarter of 2010. We continue to expect that we will see revenue growth return in the second half of this year,” Thomson Reuters CEO Thomas H. Glocer said in a statement.

Total revenue climbed slightly, to $3.14 billion from $3.12 billion. The media division, which includes the Reuters news service, generated $80 million in revenue, down from $81 million in the first quarter of 2009. The company saw solid performances by the its Health Care & Science, Tax & Accounting, Enterprise and Legal units, but the company expcts “softness in print and a decline in Sales & Trading and Investment & Advisory revenues due to flow-through from prior-year negative net sales.”

The company also reaffirmed its decision to increase its 2010 dividend by 4 cents a share. It will pay out a quarterly dividend of 29 cents a share on June 15, 2010 to shareholders of record as of May 20, 2010.

Publish date: May 4, 2010 © 2020 Adweek, LLC. - All Rights Reserved and NOT FOR REPRINT