NEW YORK (Reuters) – Thomson Reuters reported higher quarterly sales and operating profit that fell slightly short of Wall Street estimates on Tuesday, while cutting its full-year sales outlook due to disruption to the global economy from the coronavirus crisis.
FILE PHOTO: The Thomson Reuters logo is seen on the company building in Times Square, New York October 29, 2013. REUTERS/Carlo Allegri
The company, controlled by Canada’s Thomson family, said it was targeting a $100 million cost reduction program and noted it has no debt due until 2023. It said it has enough liquidity for the next 12 months and does not expect to change its dividend.
The news and information provider, parent of Reuters News, reported a 2% rise in first quarter revenue to $1.52 billion, helped by gains in its legal and corporates businesses, and said operating profit rose 6% to $290 million.
Adjusted earnings of 48 cents a share were 1 cent below Wall Street expectations, according to Refinitiv.
Thomson Reuters (TRI.N)(TRI.TO) forecast 1%-2% total revenue g