UPDATE 4-Thomson Reuters profit weighed down by currency
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By Jennifer Saba
April 29 (Reuters) - Thomson Reuters Corp's first-quarter adjusted profit narrowly missed Wall Street expectations on Wednesday as a stronger U.S. dollar weighed on results, but organic revenues rose due to increases in its legal and tax & accounting businesses.
The news and information company showed flat revenue in its biggest division that caters to banks and other financial institutions, an improvement from quarters past.
Chief Executive Jim Smith said in an interview that the company is off to a solid start this year.
"Operationally and financially we are on track where we thought we would be," he said.
Factoring out acquisitions and currency changes, revenue grew 1 percent during the first quarter to $3.04 billion, in line with analyst expectations, according to Thomson Reuters I/B/E/S. However, when currency changes were factored in, total revenue fell 3 percent.
The Financial & Risk division, which represents half of the company's revenue, reported flat growth for the quarter at $1.5 billion. Sales outpaced cancellations and were positive in the Americas, Europe, Middle East and Africa and Asia.
Dan Dolev, an analyst with Jefferies, called the results at Financial & Risk "encouraging" in a note to investors. Continued...