Toronto-based Thomson Reuters (TRI) has reported financial results for this year’s third quarter that fell short of Wall Street targets.
The company known for its global news organization posted earnings per share (EPS) of $0.81 U.S., which missed analysts’ consensus forecast of $0.83 U.S.
Revenue in the quarter totaled $1.83 billion U.S., slightly below the $1.84 billion U.S. consensus forecast among analysts. The company’s sales were up 10% from a year earlier.
Management at the company said all divisions posted year-over-year revenue gains, led by Reuters News, which saw its sales grow 13% to $232 million U.S.
Corporates and Tax & Accounting each saw their revenue increase 11% to $544 million U.S. and $276 million U.S., respectively.
The company’s Legal Professionals segment saw sales grow 9.3% to $788 million U.S. in the July through September period.
Looking ahead, Thomson Reuters said it expects full-year total revenue growth of 9.5% and organic growth of 8.5% to 9%.
Importantly, the company said that it has completed its deal to sell a 51% stake in its global print business to private equity firm KKR (KKR) for $500 million U.S.
The business is now a joint venture between Thomson Reuters and KKR and operates under the name “Westbridge Print.”
Thomson Reuters has been battling perceptions that its business will be disrupted by artificial intelligence (A.I.), something management has pushed back against.
Consequently, TRI stock has declined 23% over the last 12 months to trade at $122.24 U.S. per share.
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