Thomson Reuters (NYSE: TRI) has reported its financial metrics for Q3 2018 ending September 30, 2018, which displayed lower profits and flat revenues.
For Q3 2018, revealed that revenues were mostly flat relative to a year earlier, coming in at $1.29 billion or up two percent from $1.27 billion reported back in Q3 2017. In addition, the nine-month figure was higher by a factor of three percent year-on-year, coming in at $3.98 billion relative to $3.88 billion in Jan-Sep period 2017.
Revenues from Reuters News declined four percent to $71 million due to lower recurring revenues.
The global information provider attributed the flat change in revenues to the growth in recurring revenues, which was offset by a negative impact from foreign currency changes. At constant currency, revenues increased three percent.
In terms of for Q3 2018, the figure has yielded a profit of $162 million – this represents a drop of 44 percent year-over-year from $288 million in Q3 2017. The New York-headquartered organization attributed the steep decrease to higher depreciation and compensation-related expenses within the business segments. The prior-year period also benefited from the sale of a portion of investments.
Another area of weakness for the quarter was Thomson Reuters’ diluted earnings per share (EPS), which fell to $0.11 in Q3 2018, down 22 percent year-over-year from $0.16 in Q3 2017.
Commenting in a recent statement on the quarterly metrics, James Smith, President and CEO of Thomson Reuters, said: “Our third-quarter results continued to build on a solid first half. Accelerating sales momentum and strong recurring revenue growth delivered our best top-line performance in more than two years. Achieving 3% organic growth is particularly encouraging and we view this as a base to build upon. Our year-to-date performance strengthens our confidence that we are on track to deliver a solid year and an even better 2019.”
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