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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)

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