Thomson Reuters returns to profitComment on this story
New York - Thomson Reuters Corp., a provider of news and information services, reported fourth-quarter profit that exceeded analysts’ estimates amid cost reductions.
Excluding certain charges such as foreign exchange, profit totalled 60 cents a share, the New York-based company said today in a statement.
Analysts had projected 55 cents, the average of estimates compiled by Bloomberg.
The company said profitability improved in the quarter, “driven by the elimination of integration expenses, lower reorganisation costs and continued cost containment.”
Net income totalled $388 million, or 45 cents a share, compared with a loss of $2.6 billion, or $3.11, a year earlier, when the company wrote down the value of assets in its financial-services business.
Revenue declined 5 percent to $3.4 billion from $3.58 billion a year earlier.
Thomson Reuters rose 0.1 percent to $30.65 yesterday in New York.
The shares had gained 5.5 percent this year through yesterday compared with a 6.5 percent increase for the Standard & Poor’s 500 Index. - Bloomberg