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May 5, 2020

Thomson Reuters cuts revenue forecast due to COVID-19 disruptions

Thomson Reuters

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TORONTO -- Thomson Reuters Corp. says it expects revenue to fall in the second quarter and is reducing its expectations for growth this year due to the disruptions caused by the COVID-19 pandemic.

The company says total company revenues for the second quarter are expected to decline between one and two per cent, while organic revenues are expected to decline between two and three per cent.

For the full year, Thomson Reuters says it now expects total revenue growth between one and two per cent, while organic revenue growth is expected to be between zero and one per cent. That compared with a forecast in February by the company for total revenue growth between 4.5 and 5.5 per cent and organic revenue growth of between 4.0 and 4.5 per cent.

The updated outlook came as Thomson Reuters, which keeps its books in U.S. dollars, reported a first-quarter profit of US$193 million or 39 cents per diluted share, up from US$104 million or 20 cents per diluted share a year ago.

Revenue for the quarter ended March 31 totalled US$1.52 billion, up from nearly US$1.49 billion in the same quarter last year.

On an adjusted basis, the company says it earned 48 cents per share for the quarter, up from an adjusted profit of 36 cents per share in the first quarter of 2019.