Thomson Reuters Posts Q3 Loss; But Operating Profit Surges - Quick Facts

(RTTNews) - Thomson Reuters (TRI, TRI.TO) reported that its net loss attributable to common shareholders for the third-quarter was $44 million or $0.09 per share, compared to net income $272 million or $0.39 per share in the prior year. The latest-quarter results reflected the company's share of losses from its 45% equity interest in Refinitiv. The prior-year period included net earnings from the Financial & Risk business.

Jim Smith, president and CEO of Thomson Reuters said, "We are encouraged by our nine-month performance, which positions us to achieve our full-year 2019 and 2020 targets."

Adjusted earnings per share increased to $0.27 from $0.12 in the prior-year period, primarily reflecting fewer common shares outstanding and lower interest expense.

Operating profit increased 51 percent to $262 million from the prior year, due to a benefit from the revaluation of warrants that the company holds in Refinitiv, related to its proposed transaction with London Stock Exchange Group plc.

Revenues increased 10% to $1.41 billion from last year, due to the inclusion of revenues paid by Refinitiv to Reuters News for providing news and editorial content, and to higher recurring revenues across all other customer segments. Foreign currency had no impact on revenue growth in the quarter.

Organic revenue growth was 4%, driven by a 5% increase in recurring revenues, which comprised 79% of total revenues.