Thomson Reuters CorporationNYSE
Tue, Nov. 15, 5:17 PM
Tue, Nov. 1, 10:02 AM
- Thomson Reuters (NYSE:TRI) has jumped 4.1% today following a Q3 earnings beat, and alongside news that it will lay off thousands in a restructuring.
- The company will cut 2,000 jobs, about 4% of its workforce, and take a Q4 charge of $200M-$250M to implement a restructuring across 39 countries. That won't hit the news operation, but will mainly affect the Financial & Risk Business as well as the Enterprise, Technology & Operations Group.
- Revenue was flat and in line with expectations, but "cost controls are working" and EPS climbed despite a fractional drop in operating profit. Foreign exchange had a negative 1% effect on revenues.
- Revenue by segment: Financial & Risk, $152B (flat); Legal, $835M (down 2%); Tax & Accounting, $323M (up 5%); Corporate & Other (including Reuters News), $73M (down 1%).
- EBITDA grew 10% in Financial & Risk and in Tax & Accounting, and fell 2% in Legal.
- Press Release
Tue, Nov. 1, 6:32 AM
Mon, Oct. 31, 5:30 PM
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Mon, Oct. 17, 4:12 PM
- Thomson Reuters (NYSE:TRI) is starting the launch of a high-speed data feed for its Matching forex venue, promising traders 10 times faster price updates.
- Update frequencies will drop to as little as 25 milliseconds on the feed, expected to go fully live in Q1.
- The move follows up a launcy by rival EBS Brokertec, which has begun providing its Ultra high-speed feed to clients -- amid industry questions whether low-latency feeds are providing too unfair an advantage to algorithmic traders, many of whom are arbitraging between different platforms.
Fri, Oct. 14, 4:19 PM
- Thomson Reuters (NYSE:TRI) has launched the newest of its Data and Innovation labs, in Cape Town, South Africa.
- The lab is officially launch at the Africa Summit 2016, running through today. It's part of a FinTech cluster with the Cape Innovation and Technology Initiative and The Bandwidth Barn.
- The network of the company's labs also encompasses Boston, London, Zurich, and Waterloo, Canada.
Fri, Oct. 7, 11:06 AM
- Thomson Reuters (TRI -1%) is bulding a new technology center in downtown Toronto with an eye toward creating 1,500 jobs, and the company's firming up its footprint there with the relocation of its CEO and CFO to the Ontario capital.
- The new facility will create about 400 tech jobs over the next two years.
- CEO Jim Smith and CFO Stephane Bello will relocate to Toronto next year, and the company says "additional management roles will be relocated and recruited locally in Toronto over the next few years."
- Thomson Reuters has about 1,200 employees currently in Canada.
Mon, Oct. 3, 5:13 PM
- Thomson Reuters (NYSE:TRI) has closed on the $3.55B sale of its Intellectual Property & Science business, to funds affiliated with Onex and Baring Private Equity Asia.
- The company announced the deal in July after launching a sale in the spring.
- As it had expected, Thomson Reuters will use about $1B of proceeds on a share buyback, with the rest going to pay down debt and reinvest in the business. News the company planned the $1B buyback disappointed Barclays, who predicted that amount "will likely leave equity holders wanting more."
- The move leaves the company organized into three business units (Financial & Risk, Legal, and Tax & Accounting) supported by a corporate center, and still operating Reuters news and information services.
Fri, Sep. 23, 5:15 PM
- Thomson Reuters (TRI -1.2%) will buy up to 6.5M of its shares in private deals.
- The company is working through deals with two arm's-length third-party sellers, and any shares bought back count on its existing normal course issuer bid, which calls for purchases of up to 37.5M common shares for the 12 months ending May 29, 2017.
- Earlier this year, the company said it planned to buy back up to $1.5B in shares.
- The trades may come over time but they will be at a discounted price to the prevailing market price on the Toronto exchange, the company says.
Thu, Sep. 15, 7:30 PM
- A European Union court today confirmed a 2012 settlement between Thomson Reuters (NYSE:TRI) and antitrust regulators over its securities identification codes.
- Morningstar (NASDAQ:MORN) had been seeking to have the settlement overruled, charging Thomson Reuters with continued abuse of a dominant position with its Reuters Instrument Codes by not allowing a competitive service for real-time data streams.
- The General Court said commitments from Thomson Reuters were "correctly assessed as being capable of resolving the concerns raised by the Commission."
Thu, Jul. 28, 1:20 PM
- Thomson Reuters (NYSE:TRI) is 2.5% lower today after Q2 revenues fell slightly and missed expectations.
- Profits beat consensus, though, and operating profit grew 16% to $401M, thanks to favorable fair-value adjustments tied to currency derivatives. Revenues of $2.77B were flat after excluding currency effects.
- Adjusted EBITDA fell 2% to $757M, missing consensus for $788M. Cash flow from operations fell 19%, to $770M.
- Revenue by business unit: Financial & Risk, $1.52B (down 2%); Legal, $846M (down 1%); Tax & Accounting, $324M (down 1%); Corporate & Other (includes news), $79M (up 7%).
- The company's reaffirmed full-year guidance: low single-digit revenue growth, adjusted EBITDA margin of 27.3%-28.3%, underlying operating profit margin of 18.4%-19.4%, and free cash flow between $1.7B and $1.9B.
- Press Release
Thu, Jul. 28, 6:43 AM
Wed, Jul. 27, 5:30 PM
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Tue, Jul. 12, 12:36 PM
- Thomson Reuters (TRI +1.8%) is buying back $1B in shares, but that's not quite enough for Barclays.
- The firm points to historically low interest rates in saying that a planned repurchase "will likely leave equity holders wanting more."
- Barclays' Manav Patnaik has an Equal-Weight rating ont he stock and a price target of $40 (shares have traded up 3.3% since the sale announcement, to $42.21 today).
- Thomson Reuters had set a buyback in conjunction with the sale of its Intellectual Property & Science Business for $3.55B. That $1B amount is part of the company's previously announced $1.5B authorization.
- Patnaik has cut buyback expectations for fiscal 2016-2017 to $2.8B from a previous $4B.
Mon, Jul. 11, 7:01 AM
- Thomson Reuters (NYSE:TRI) enters into a definitive agreement with private equity funds affiliated with Onex (OTCPK:ONEXF) and Baring Private Equity Asia to sell its Intellectual Property & Science business for $3.55B in cash. The transaction should close in the next few months.
- The IP & Science business provides comprehensive intellectual property and scientific information, decision support tools and services that enable the life cycle of innovation for governments, academia, publishers and corporations to discover, protect and commercialize new ideas and brands. The portfolio includes Web of Science, Thomson CompuMark, Thomson Innovation, MarkMonitor, Thomson Reuters Cortellis and Thomson IP Manager.
- CEO Jim Smith says, "We are pleased to announce the agreement today to sell our Intellectual Property & Science business to Onex and Baring Asia. With the completion of this divestiture, Thomson Reuters will be even more focused on operating at the intersection of global commerce and regulation."
- Thomson Reuters intends to use ~$1B of the net proceeds to buy back shares and the remainder to pay down debt (primarily commercial paper) and reinvest in the business.
Fri, May 13, 12:53 PM
- Dame Helen Alexander is becoming chairman of the board at Thomson Reuters Founders Share Co. (NYSE:TRI) effective at the beginning of next year.
- A former CEO of the Economist Group, she joined the board in 2011. She replaces Uffe Ellemann-Jensen, who's been chairman since 2013.
- The board, which acts as a guardian of the Thomson Reuters Trust principles, had added veteran media executives Ronald Close and Kim Williams in January.