Thomson Reuters raises full-year revenue forecast

NEW YORK Thomson Reuters Corp reported higher second-quarter operating profit on Thursday and increased its full-year revenue forecast on Thursday, citing strength in its legal, tax and accounting and corporates businesses.

Revenue from its Big 3 segments is expected to increase by 7 per cent this year, from 6 per cent in 2022, according to the news and information company.

According to Refinitiv estimates, analysts had expected 53 cents a share.

Total revenues rose 5 percent to $1.61 billion, matching Wall Street estimates, while operating profit went up 24 percent to $391 million, Thomson said.

Steve Hasker, Chief Executive, said in a statement that leading indicators remain healthy and we have a resilient, highly recurring business serving growing industries.

This has helped insulate Thomson Reuters from economic pressures because 80 percent of its revenues are recurring.

Thomson Reuters shares have outperformed the market this year, with its U.S. listed shares down 5 per cent versus a 13.3 per cent drop for the S&P 500. The company's peers include RELX Group's LexisNexis, Bloomberg LP, News Corp's DowJones and Wolters Kluwer NV.

Revenue grew across five of its business segments. Thomson Reuters said that the big 3 segment rose 6 per cent and Reuters News revenue rose 9 per cent as a result of a boost from events and annual increases from payments from a news agreement with Refinitiv.

The company named Paul Bascobert as President of Reuters News last month, turning to a tech and media veteran to drive growth at the 171-year-old news organization.

Reuters News is a data company that is now owned by the London Stock Exchange Group and provides half of its sales to Refinitiv, a data company that was spun off from Thomson Reuters.