Thomson Reuters Lifts FY22 Revenue Growth View; Backs FY23 Forecast - Update

(RTTNews) - While reporting weak earnings and higher revenues for the first quarter on Tuesday, Thomson Reuters Corp. (TRI, TRI.TO) updated outlook for 2022 and reaffirmed outlook for 2023

The company expects its second-quarter 2022 revenue growth rate will be comparable to its full-year 2022 outlook targets and second-quarter 2022 adjusted EBITDA margin to be approximately 200bp below its full-year 2022 outlook targets.

For fiscal 2022, the company now projects total revenue growth and organic revenue growth of about 5.5 percent, higher than previously expected growth of about 5 percent.

"Big 3" total revenue growth and organic revenue growth is now expected around 6.5 percent, compared to previous outlook of 6 to 6.5 percent.

Further, the company continues to expect adjusted EBITDA Margin of about 35 percent.

Looking ahead to fiscal 2023, the company continues to expect revenue and organic revenue growth of 5.5 to 6.0 percent, and "Big 3" total revenue growth and organic revenue growth of 6.5 percent to 7 percent.

Adjusted EBITDA Margin is still expected to be in the range of 39 percent to 40 percent.