Thomson Reuters Posts Higher Net, Lower Revenue in 3Q
Nov 2nd 2012 6:30PM
Updated Nov 2nd 2012 6:34PM
Media and business information conglomerate Thomson Reuters (NYS: TRI) posted its 3Q results today, after a delay due to the effects of Hurricane Sandy. The company took in revenues of $3.2 billion for the quarter, a 7% decline from the same period last year. Its net profit rose, however, by 24%, to $474 million ($0.56 per share).
The company recorded a 10% year-over-year revenue gain in tax and accounting, its best-performing business unit during the quarter. That wasn't enough to offset generally flat or declining revenues in its other divisions, however.
Thomson Reuters' improvement in net profit was aided greatly by a tax benefit of $140 million during the quarter. Meanwhile, 3Q 2011 saw the company book a $145 million expense in the same line item.
Speculation has been rife for some time that the company is maneuvering to buy Britain's Financial Times newspaper from current owner Pearson (NYS: PSO) . In a conference call discussing the 3Q results, Thomson Reuters CEO James C. Smith declined to comment on the rumor.
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