Thomson Reuters Inc. (NYSE: TRI) on Wednesday, reported a 2% rise in quarterly revenue and reaffirmed its 2018 forecast, saying it is on track for a “solid year.”
The Company posted second-quarter revenue of USD 1.31 Billion, compared with USD 1.28 Billion a year ago. Adjusted for special items, earnings were 17 cents per share, down from 19 cents per share a year ago. Analysts had expected revenue of USD 1.31 Billion and earnings of 11 cents per share.
Thomson Reuters reported a 6% decline in operating profit to USD 204 Million, which it said was primarily due to costs and investments ahead of the planned sale of a majority stake in its Financial & Risk business to Blackstone Group LP.
Reuters agreed in January to sell a 55% stake in the Financial & Risk unit, which sells data and news primarily to financial customers, to Blackstone. It expects the deal to close early in the fourth quarter.
The Company has said it expects to use USD 1 Billion to USD 3 Billion from the proceeds of the Blackstone deal to make acquisitions in legal and accounting, but has no plans to go into new businesses.
Reuters News reported USD 72 Million in revenues, down 5% from a year earlier in constant currency. Shares in Thomson Reuters have risen 12% since May, when they were trading at their lowest level since July 2015.