Thomson Reuters Q2 Profit Falls; Reaffirms FY13 Outlook - Quick Facts

(RTTNews) - Business data provider Thomson Reuters Corp. (TRI, TRI.TO) reported that its second-quarter net earnings dropped to $262 million or $0.30 per share, from $915 million or $1.08 per share in the same quarter last year. But, underlying operating profit for the quarter increased to $569 million from $567 million in the year ago quarter.

Adjusted earnings per share for the quarter were $0.48, unchanged from the prior-year period. Analysts polled by Thomson Reuters expected the company to report earnings of $0.45 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter decreased to $3.163 billion from $3.272 billion in the prior year quarter. On a Non-IFRS basis, revenues from ongoing businesses for the quarter improved to $3.108 billion from $3.074 billion last year. Nine analysts had consensus revenue estimate of $3.15 billion for the quarter.

The prior-year results have been revised to reflect the retrospective application of amendments to IAS 19, Employee Benefits and the adoption of IFRS 11, Joint Arrangements.

"We continue to make consistent, tangible progress across the business and we expect the company's performance in the second half of the year will be better than the first half," said James Smith, chief executive officer.

The company reaffirmed its business outlook, Before Currency, for 2013. The company continues to expect underlying operating profit margin to range between 16.5% and 17.5%, and revenues to grow low single digits.