Thomson Reuters Q1 Profit Beats Estimates; Affirms 2014 Outlook

(RTTNews) - Thomson Reuters Corp. (TRI, TRI.TO) reported first-quarter earnings to shareholders of $282 million or $0.34 per share, compared to a loss of $31 million or $0.04 per share, previous year. In the prior year's quarter, the company incurred a tax expense of $247 million. Income before tax and equity method investments increased to $279 million from $220 million, prior year.

Underlying operating profit increased to $528 million from $462 million. Adjusted earnings was $374 million or $0.46 per share, for the first quarter of 2014.

On average, 16 analysts polled by Thomson Reuters expected the company to report profit per share of $0.38 for the quarter. Analysts' estimates typically exclude special items. Revenues declined to $3.13 billion from $3.17 billion. Revenues from ongoing businesses increased to $3.13 billion from $3.10 billion. Analysts expected revenue of $3.11 billion for the quarter. Thomson Reuters reaffirmed its full-year business outlook for 2014. The company continues to expect revenues to be comparable to 2013.

James Smith, CEO of Thomson Reuters, said: "We are off to a solid start and the first-quarter's performance is consistent with our full-year expectations."