UPDATE: Thomson Reuters Posts Upbeat Q1 Profit

Thomson Reuters

reported a better-than-expected first-quarter profit. Thomson Reuters posted its quarterly net income of $292 million, versus a year-ago loss of $17 million. Excluding special items, Thomson Reuters earned $0.46 per share, beating analysts' estimates of $0.38 per share. Its revenue from ongoing businesses rose 1% to $3.1 billion, versus analysts' estimates of $3.11 billion, Thomson Reuters' revenue in the Legal division gained 2% to $803 million, while revenue in the Financial & Risk division fell 1% to $1.6 billion. Its revenue in the Tax & Accounting division climbed 13% to $348 million. The company also affirmed its full-year forecast. James C. Smith, chief executive officer of Thomson Reuters said, "We are off to a solid start and the first-quarter's performance is consistent with our full-year expectations." Thomson Reuters shares gained 0.52% to close at $34.83 yesterday.