Thomson Reuters Reports Strong Q3 Results

TORONTO – Thomson Reuters (TSX/NYSE: TRI) reported better-than-expected third quarter results, raising its full-year organic revenue growth outlook, which led to a 21% surge in shares on Tuesday.

The information and media company posted adjusted earnings per share of $0.80 for Q3, exceeding analyst estimates of $0.77. Revenue increased by 8% year-over-year to $1.72 billion, with organic revenue growth at 7% for the quarter.

Thomson Reuters raised its full-year 2024 organic revenue growth forecast to approximately 7%, up from the previous outlook of around 6.5%. Additionally, the company adjusted its organic growth projection for its key "Big 3" segments to about 8.5%, up from 8% previously.

CEO Steve Hasker stated, "We saw good momentum continue in the third quarter, with revenue and margins moderately ahead of our expectations." He also highlighted an increase in AI investment to over $200 million in 2024, focusing on driving innovation.

The Legal Professionals segment, the largest business of Thomson Reuters, experienced an 8% revenue growth to $745 million. The Corporates segment revenue jumped 12% to $437 million.

For Q4, the company anticipates organic revenue growth of around 5% and an adjusted EBITDA margin of about 37%.

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