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Thomson Reuters reports better-than-expected quarterly profit

Thomson Reuters reports better-than-expected quarterly profit
The Thomson Reuters logo is seen on the company building in Times Square, New York, U.S., January 30, 2018. REUTERS/Andrew Kelly   -   Copyright  ANDREW KELLY(Reuters)
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TORONTO (Reuters) – Thomson Reuters Corp <TRI.TO> <TRI.N> on Tuesday reported a smaller-then-expected fall in third-quarter earnings and said it was on track for a solid 2018 and a better performance in 2019.

Adjusted for one-time items, it reported earnings per share of 11 cents, down from 27 cents a year ago, but above Wall Street’s average estimate of 3 cents per share, according to IBES data from Refinitiv.

The news and information provider reported a 3 percent rise in quarterly revenue, excluding the effects of exchange rates, to $1.29 billion. Analysts had expected revenue of $1.32 billion, on average.

“Our year-to-date performance strengthens our confidence that we are on track to deliver a solid year and an even better 2019,” Chief Executive Jim Smith said in a statement.

The earnings decline reflected lower operating profit and higher income tax expense from the company’s continuing operations, offsetting higher earnings from its discontinued operations.

Thomson Reuters last month completed the sale of a 55-percent stake in its Financial & Risk unit to private equity firm Blackstone Group LP <BX.N> in a deal that valued the unit, now a standalone business called Refinitiv, at about $20 billion.

(Reporting by Matt Scuffham; Editing by Bill Rigby)

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