October 29, 2013 / 11:26 AM / 5 years ago

Thomson Reuters beats Q3 Street view; net sales positive

Oct 29 (Reuters) - Thomson Reuters Corp said on Tuesday that net sales in its Financial & Risk division turned positive for the first time since 2011.

The global news and information company reported that third- quarter ongoing revenue rose 2 percent before currency changes to $3.07 billion on strength in its Tax & Accounting and Legal businesses.

On an adjusted basis, the company reported a profit of 48 cents per share, beating Wall Street expectations by 4 cents.

The company said it also planned to take a $350 million charge to accelerate a cost-saving strategy, primarily in the Financial & Risk division.

Jim Smith, the Thomson Reuters chief executive, said in a statement the company has sold more than 100,000 Eikon desktops to date.

“Though we continue to expect challenging conditions in the coming quarters - particularly with the largest global banks - these are significant steps in returning our financial business to a growth footing,” he said.

Smith had said he expected net sales in the Financial & Risk division to turn positive in the second half of this year. Net sales strip out cancellations and is an important indicator because it lags revenue by about 12 months.

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below