Thomson Reuters second quarter revenue rises 2 percent

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TORONTO (Reuters) – Thomson Reuters Corp on Wednesday reported a 2 percent rise in quarterly revenue and reaffirmed its 2018 forecast, saying it was on track for a “solid” year.

FILE PHOTO: The Thomson Reuters logo is seen on the company building in Times Square, New York October 29, 2013. REUTERS/Carlo Allegri/File Photo

The news and information provider reported second-quarter revenue of $1.31 billion, compared with $1.28 billion a year ago. Adjusted for special items, earnings were 17 cents per share, down form 19 cents per share a year ago.

Analysts had expected revenue of $1.31 billion and earnings of 11 cents a share, according to Thomson Reuters I/B/E/S.

Thomson Reuters reported a 6-percent decline in operating profit to $204 million, which it said was primarily due to costs and investments ahead of the planned sale of a majority stake in its Financial & Risk business to Blackstone Group LP.

Thomson Reuters agreed in January to sell a majority stake in the Financial & Risk unit, which sells data and news primarily to financial customers, to Blackstone. It expects the deal to close early in the fourth quarter.

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) fell 8 percent to $348 million.

Reporting by Matt Scuffham; Editing by Nick Zieminski

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