Thomson Reuters Q3 Adj. Profit Rises; Increases FY20 Outlook For Adj. EBITDA Margin

(RTTNews) - Thomson Reuters (TRI, TRI.TO) reported third quarter adjusted earnings per share of $0.39 compared to $0.27, a year ago. Adjusted EBITDA, which excludes the impact of the warrant revaluation among other items, increased 42% to $491 million, primarily reflecting lower costs and higher revenues. Adjusted EBITDA margin increased to 34.0% from 24.4%.

Third quarter revenues increased to $1.44 billion from $1.41 billion, previous year. Revenues rose 2% as growth in both recurring and transactions revenues was partly offset by a decline in Global Print revenues and a negative impact from foreign currency that reduced revenues by approximately 1%. Organic revenues increased 2%, for the quarter.

"We exceeded each of the revenue guidance metrics previously provided on a consolidated basis and for our Big 3 segments - Legal Professionals, Corporates and Tax & Accounting Professionals. Based on our performance for the first nine months of the year, I'm confident we will continue to effectively manage through this challenging environment and build on this performance in 2021," said Steve Hasker, CEO of Thomson Reuters.

For full year 2020, the company now expects adjusted EBITDA margin of approximately 32.0%, up from prior guidance range of 31.0% - 32.0%.