Operating profit for Tax and Accounting for the most recently ended quarter was $310 million, up from $238 million. The division's quarterly revenue was $310 million, compared to $238 million a year earlier. The company's profit was $545 million, up from $536 million while revenue was $3.18 billion, up from $3.1 billion. CEO James Smith, who took over at the end of 2011, said "I would say so far, so good" in an earnings webcast yesterday. He said operations in Europe would not completely turn around until the end of the year.

Tax & Accounting continued to benefit from acquisitions, particularly in the area of corporate tax. CFO Stephane Bello said the company was very pleased with the performance of the OneSource corporate tax platform. He also said there were strong sales of software and that revenue reflected a healthy economy for tax and accounting firms in the United States. The company had its seventh consecutive quarter of double-digit increases in EBITDA.

Bello said the company would utilize its cash to make acquisitions in areas that have performed well. He did not cite any specific unit, but said that Thomson would focus on small, fold-in purchases. The company reiterated 2012 guidance, which calls for single-digit revenue growth and EBITDA margin of 27 to 28 percent. Smith noted that the company will have the $1.25 billion in proceeds from its pending sale of its healthcare operations to help pay for deals.