UPDATE: Thomson Reuters Posts Upbeat Q2 Earnings

Thomson Reuters

reported better-than-expected second-quarter earnings. The New York-based company posted a quarterly profit of $249 million, or $0.31 per share, versus a year-ago profit of $248 million, or $0.30 per share. Excluding special items, its earnings surged to $415 million, or $0.51 per share, from $403 million, or $0.48 per share. Analysts were expecting earnings of $0.46 per share. Its revenue from ongoing businesses came in at $3.15 billion, versus analysts' estimates of $3.13 billion. Thomson Reuters' financial and risk division revenue fell slightly to $1.66 billion, while legal revenue increased slightly to $850 million. Its tax and accounting revenue climbed 13% to $324 million. The company announced its plans to buy back $1 billion in shares by the end of next year. James C. Smith, chief executive officer of Thomson Reuters said, "Our second-quarter results build upon the good start to the year and are consistent with our full-year expectations.” Thomson Reuters reaffirmed its forecast for the full year. Its operating expenses increased 2.6% to $2.32 billion. Thomson Reuters shares fell 0.46% to close at $36.90 yesterday.