(Reuters) - Thomson Reuters Corp TRI.N TRI.TO reported a higher-than-expected quarterly profit as acquisitions and corporate demand boosted growth at its legal, tax and accounting units.
The global news and information company said on Wednesday that earnings per share for the first quarter were 46 cents, excluding special items. That was ahead of a 38-cent forecast by analysts polled by Thomson Reuters I/B/E/S.
“We are off to a solid start, and the first quarter’s performance is consistent with our full-year expectations,” Chief Executive Officer Jim Smith said in a statement
Revenue from ongoing businesses increased 1 percent to $3.1 billion, in line with analysts’ estimates, according to Thomson Reuters I/B/E/S.
The company said revenue in the Legal division, known for its Westlaw legal database, rose 2 percent to $803 million, while revenue in the Tax & Accounting division increased 13 percent to $348 million.
Revenue in the Financial & Risk division, which caters to bankers, retail brokers and other financial professionals, decreased 1 percent to $1.6 billion. Financial & Risk represents more than half of Thomson Reuters’ total revenue.
Net income for the first quarter was $292 million, compared with a loss of $17 million a year earlier.
Thomson Reuters affirmed its full-year outlook and expects revenue to be unchanged from last year’s $12.5 billion.
Reporting by Jennifer Saba in New York; Editing by Lisa Von Ahn