Business
Thomson Reuters Reports First-Quarter 2010 Results
Thomson Reuters Reports First-Quarter 2010 Results
About this update from Thomson Reuters Corporation
[{"type":"text","content":"\n\n\n\n May 4, 2010 (Canada NewsWire Group) -- \n\n >\n\n Thomson Reuters (NYSE: TRI; TSX), the world's leading source of intelligent information for businesses and professionals, today reported results for the first quarter ended March 31, 2010. Despite the flow-through effect of weak 2009 net sales, the company reported ongoing revenues of $3.1 billion, underlying operating profit of $555 million, underlying profit margin of 17.7% and underlying free cash flow of $107 million.\n\n >\n\n"The tentative recovery in our net sales that we began to see in the second half of 2009 has firmed and accelerated in the first quarter of 2010. We continue to expect that we will see revenue growth return in the second half of this year," said Thomas H. Glocer, chief executive officer of Thomson Reuters.\n\n"These improving market trends, coupled with our ongoing investment in new products and scalable infrastructure, position us very well for revenue, operating profit margin and cash flow growth in 2011 and beyond. In particular, the launch of WestlawNext in Legal in the first quarter, the launch of our Elektron data distribution service in Enterprise in the second quarter, and the scheduled launches in the second half of the year of our Eikon desktop in Markets and our new ONESOURCE global tax workstation in Tax & Accounting, equip our sales forces with new flagship offerings to sell into a rising economy."\n\n >\n\n\nConsolidated Financial Highlights\n\n\n >\n\n\n\n >\n\n\n\n >\n\nUnless otherwise noted, all revenue growth comparisons in this news release are before the impact of foreign currency as Thomson Reuters believes this provides the best basis to measure the performance of its business. All revenue growth and operating profit comparisons are based upon results from ongoing businesses and exclude the results of disposals.\n\n >\n\n\nProfessional Division\n\n\n\n >\n\n\n\n >\n\n\n\n >\n\n\n\n >\n\n\n\n >\n\n\n\n >\n\n\n\n >\n\nFirst-quarter corporate costs were $163 million compared to $149 million in the prior-year period. The increase was primarily related to integration program costs of $97 million, up $9 million, and fair-value currency-related adjustments (non-cash) of $9 million, which were up $8 million. Core corporate costs were $57 million, down $3 million.\n\n >\n\nThomson Reuters achieved combined run-...