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UPDATE 2-Thomson Reuters 2020 outlook steady as profit exceeds forecasts

Wed, 5th Aug 2020 11:56

(Recasts with comparison to estimates, detail on forecast)

NEW YORK, Aug 5 (Reuters) - Thomson Reuters Corp
reported higher-than-expected second quarter profit on
Wednesday and reaffirmed its 2020 forecast in the face of global
market uncertainty.

The news and information provider, which owns Reuters News,
said sales in the company's legal, tax and corporate businesses
are expected to rise in the current quarter.

"Given our performance for the second quarter and first
half, we have increasing confidence in how our businesses will
perform over the remainder of the year," Thomson Reuters Chief
Executive Steve Hasker said in a statement.

Thomson Reuters said its quarterly revenue dipped 1% to
$1.405 billion and operating profit fell 18% to $365 million,
from $447 million a year ago, when the quarter included some
one-time items.

Adjusted earnings of 44 cents per share were ahead of the 38
cents analysts expected, according to Refinitiv, while the sales
figure was in line with Wall Street expectations.

Thomson Reuters expects higher free cash flow for the year,
of between $1 and $1.1 billion, and said its three main
divisions should grow sales by 3%-4% in the third quarter.

Of its three largest divisions, Legal Professionals and
Corporates showed higher quarterly sales and adjusted profit,
while the Tax & Accounting Professionals segment saw lower sales
and adjusted profit, partly reflecting a delayed U.S. tax filing
system during the pandemic.

Reuters News saw organic revenues fall 11%, reflecting the
effect of the coronavirus crisis on its events business. The
news division's sales are forecast to be lower in the third
quarter and for the full year.
(Writing by Nick Zieminski in New York;
Editing by Alexander Smith)

More News

UPDATE 3-LSE looks at 'blank cheque' deals to keep London ahead after Brexit

* No repeat of frenzied U.S. trading in UK so far* LSE has no plans to shift euro clearing out of London* Focus on integrating Refinitiv, cutting debt* Shift of swaps trading from UK to New York 'unexpected' (Recasts with LSE CEO interview)By Huw Jo...

29 Jan 21 08:39

UPDATE 1-EU grants market access for U.S. securities clearing houses

(Adds more detail)By Huw JonesLONDON, Jan 27 (Reuters) - Clearing houses for securities in the United States will be allowed to serve investors in the European Union, the bloc's executive European Commission said on Wednesday."This decision is a s...

27 Jan 21 12:13

EU grants market access for U.S. securities clearing houses

LONDON, Jan 27 (Reuters) - Clearing houses for securities in the United States will be allowed to serve investors in the European Union, the bloc's executive European Commission said on Wednesday."This decision is a significant first step in the p...

27 Jan 21 11:18

UPDATE 1-Brace for the unexpected after COVID-19, Refinitiv CEO Craig says

(Edits headline, adds quotes)LONDON, Jan 26 (Reuters) - Refinitiv CEO David Craig said on Tuesday that the COVID-19 pandemic had shown how fragile and complacent the world was so leaders should prepare for the unexpected by challenging their think...

26 Jan 21 08:06

COVID-19 has shown global complacency, Refinitiv CEO Craig says

LONDON, Jan 26 (Reuters) - Refinitiv CEO David Craig said on Tuesday that the COVID-19 pandemic had shown how fragile and complacent the world was so leaders should challenge their thinking in a volatile world."We're more fragile than we thought a...

26 Jan 21 07:21

New York emerges winner as Brexit pushes swaps trading from London

By Huw JonesLONDON, Jan 21 (Reuters) - Britain's exit from the European Union has pushed swathes of derivatives trading from London to the bloc and the United States in a further blow to the capital's financial sector.Britain left the EU's single ...

21 Jan 21 14:34

Russia's X5 considering Nasdaq or LSE IPO for online businesses, alongside MOEX listing

MOSCOW, Jan 21 (Reuters) - Russia's largest food retailer X5 is considering an initial public offering (IPO) for its online businesses on either the Nasdaq or the London Stock Exchange at the same time as on the Moscow Exchange, the company said ...

21 Jan 21 13:26

UPDATE 1-London Stock Exchange set to close Refinitiv deal on Jan. 29

(Adds more background)LONDON, Jan 19 (Reuters) - London Stock Exchange said on Tuesday that it should complete its $27 billion acquisition of Refinitiv on Jan. 29, as it bulks up into a major financial data provider to compete with Bloomberg.The c...

19 Jan 21 18:23

Brussels says it won't be rushed on City of London access to EU

By Huw JonesLONDON, Jan 19 (Reuters) - EU Financial Services Commissioner Mairead McGuinness said on Tuesday that Brussels would not grant Britain's financiers access to the bloc before assessing the risks to financial stability - and that to do ...

19 Jan 21 17:58

London Stock Exchange expects to complete Refinitiv deal on Jan. 29

Jan 19 (Reuters) - London Stock Exchange said on Tuesday it should complete its $27 billion acquisition of data provider Refinitiv on Jan. 29.The company said it expected all outstanding regulatory approvals for the deal to come "shortly", enablin...

19 Jan 21 17:57

EU needs "masterplan" to grab euro finance from London

By Huw JonesLONDON, Jan 18 (Reuters) - The European Union needs a "masterplan" to move euro financial services from London to the bloc if it wants to expand the single currency's role in a global economy dominated by the U.S. dollar, a senior EU ...

18 Jan 21 14:21

London Swiss share trading set for February return

By Huw JonesLONDON, Jan 15 (Reuters) - British-based exchanges will once again offer trading in Swiss shares from next month, but it may take time to rebuild volumes, Britain's finance ministry and exchanges said on Friday.The ministry has set out...

15 Jan 21 17:18

UPDATE 1-London Stock Exchange gets EU nod for $27 billion takeover of Refinitiv

(Adds more detail, reaction)By Philip Blenkinsop and Huw JonesBRUSSELS/LONDON, Jan 13 (Reuters) - EU antitrust regulators gave the green light on Wednesday to the London Stock Exchange's $27 billion takeover of Refinitiv, creating a stronger compe...

13 Jan 21 13:44

UPDATE 2-London Stock Exchange gets EU nod for $27 bln takeover of Refinitiv

* Deal creates stronger competitor in data to Bloomberg* EU says remedies address competition concerns* LSE has agreed to sell Borsa Italiana to Euronext (Adds detail, Euronext comment, LSE shares)By Philip Blenkinsop and Huw JonesBRUSSELS/LONDON, J...

13 Jan 21 13:44

UPDATE 2-Dealmaking edges European stocks higher as long lockdown looms

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)* Carrefour hits Aug 2019 high on Couche-Tard approach* Telefonica jumps on mobile phone mast sale* Orsted slides after profit warning (Upda...

13 Jan 21 10:01

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