New book by Larry Connors Click here Improve your trading - See how
The New York-based company reported net income for the third quarter of $167 million or $0.19 per share, compared to $406 million or $0.49 per share for the year-ago quarter.
Adjusted earnings from continuing operations for the third quarter was $359 million or $0.43 per share, compared to $392 million or $0.47 per share in the prior year quarter.
Operating profit for the quarter fell 32% to $378 million from $553 million a year ago, while underlying operating profit grew 3% to $711 million from $690 million last year.
Revenue for the third quarter fell 3.6% to $3.22 billion from $3.34 billion in the same quarter last year. Excluding the impact of foreign exchange rates, third quarter revenue declined 2% year-over-year.
"While the weak year-to-date net sales experienced in recent quarters are now flowing through into revenues, we expect this dip to be shallow and limited to the next few quarters," said Thomas Glocer, chief executive officer of Thomson Reuters.
Thomson Reuters was created through the April 2008 merger of Thomson Corp. and Reuters Group Plc.
Thomson Reuters completed the unification of its dual listed company structure on September 10 after receiving both shareholders as well as UK court approval. As a result, the company's common shares now have a primary listing on the Toronto Stock Exchange, and are also listed on the New York Stock Exchange.
The company said Thursday that it has achieved combined run-rate savings of $975 million as at September 30. The company continues to expect to achieve at least $1.0 billion of run-rate savings by year-end 2009. Savings were principally achieved through elimination of redundant positions and the retirement of legacy products.
Third quarter revenue from the company's markets division, which serves financial institutions, fell 6% to $1.86 billion. Excluding currency adjustments, revenue declined 4%. Revenues in Asia were unchanged against the prior year period while revenues in Europe, Middle East and Africa and the Americas were down 3% and 6%, respectively.
Third quarter revenue from the company's professional division, which sells databases and other deep information reservoirs to lawyers, accountants, scientists and the healthcare industry, declined 0.4% to $1.36 billion. Excluding currency adjustments, revenue rose 2%, with with strong growth in Tax & Accounting, Healthcare & Science and Legal's recurring subscription businesses.
For the first nine months, the company reported net income of $685 million or $0.80 per share, compared to $755 million or $0.98 per share for the same period last year.
Adjusted earnings from continuing operations for the nine-month period was $1.2 billion or $1.41 per share, compared to $1.1 billion or $1.31 per share in the corresponding year-ago period.
Revenue for the nine-month period increased to $9.64 million from $8.31 million in the prior year period.
Thomson Reuters also reaffirmed its previous guidance that revenues are expected to grow in 2009 and underlying operating profit margin and free cash flow will be comparable with 2008.
Additionally, the company said it will pay a quarterly dividend of $0.28 per share on December 15 to shareholders of record on November 20.
Early last month, Thomson Reuters completed the acquisition of the Abacus Enterprise suite of products and related business operations from Deloitte LLP. Also last month, the company made an offer to buy privately-held provider of online financial commentary Breakingviews. The deal is expected to be complete within eight weeks.
Thomson Reuters shares are currently trading at $32.03, down 32 cents. On the TSX, the company's shares are currently trading at C$34.17, down C$0.35 or 1.01%.
For comments and feedback: contact editorial@rttnews.com Copyright(c) 2009 RTTNews.com, Inc. All Rights Reserved
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302
© Copyright 2009 The Connors Group, Inc.
