Thomson Reuters, the Canadian news and information provider, has announced a strong second-quarter performance, driven by the sale of its business-management solutions business Elite and an increase in revenue.
The company reported net earnings of $894 million, or $1.90 per share, compared to a loss of $115 million, or 24 cents per share, in the same period last year. The positive result was partly due to the rise in the value of Thomson Reuters’ investment in London Stock Exchange Group, which had experienced a significant decline in value last year.
On an adjusted basis, excluding the gain from the sale of its majority stake in Elite to private equity firm TPG, per-share earnings rose to 84 cents. This exceeded the mean estimate of 76 cents from 13 analysts polled by FactSet.
While revenue for the quarter increased by 2% to $1.65 billion, it fell slightly short of the expected $1.67 billion.
Thomson Reuters saw growth in its Reuters News business, which recorded a revenue increase of 3.2%. However, its global print operations experienced a decline of 6.3%. Its legal professionals segment also saw a modest rise in revenue of 0.7%.
The company has stated its target for full-year revenue growth of 3% to 3.5%, maintaining its positive outlook following a 4.2% revenue increase in 2022 to $6.63 billion.