Thomson Reuters ups 2022 revenue forecast after Q1 beat
2022.05.03 14:31
The Thomson Reuters logo is pictured on a building in the Manhattan borough of New York City, New York, U.S. November 16, 2021. REUTERS/Carlo Allegri
NEW YORK (Reuters) -Thomson Reuters Corp raised its 2022 revenue forecast on Tuesday after beating first-quarter expectations on strong growth across its core legal, tax and accounting, and corporate businesses.
Thomson Reuters (NYSE:TRI), which owns the Westlaw legal database and the Checkpoint tax and accounting service, said that while the first quarter gave it more confidence in its financial outlook, the ongoing pandemic and geopolitical risks and any worsening of the economy could hurt its ability to reach its goals.
It reported adjusted earnings of 66 cents per share, 5 cents ahead of Wall Street expectations.
Operating profit was up 7% to $414 million, while total revenues rose 5.5% in the quarter to $1.67 billion.
Analysts expected revenue of $1.6 billion, according to estimates from Refinitiv. Revenues are now forecast to rise 5.5% this year, up from an earlier estimate of about a 5% rise.
The three main divisions – Legal Professionals, Tax & Accounting Professionals, and Corporates – reported higher quarterly sales, led by an 11% increase in the tax business.
Revenue in the Reuters News segment rose 9% to $176 million.
