Print this page

Estimated reading time: 0 minutes, 58 seconds

Tax & Accounting Leads Thomson Results

Stephane Bello, Thomson Reuters The Tax and Accounting business led all Thomson Reuters segments in growth of revenue, EDBITDA and operating profit for the first quarter ended March 31. The unit saw a 17-percent increase in operating profit and a 10-percent rise in revenue before currency. And currency was a major issue as the strength of the U.S. dollar pushed corporate results down.

Tax and Accounting reported $96 million in operating profit for the most recently ended quarter, up from $84 million a year earlier. EBDITA rose to $128 million, a 10-percent increase from $115 million in last year's corresponding period while revenue hit $373 million in the first quarter, an increase of 7 percent at current currency rates over the prior year's $348 million.

In this week's earnings webcast, CFO Stephane Bello said Tax and Accounting's Professional segement had a 12-percent increase in organic revenue and a 9-percent rise in corporate organic revenue.

Net income hit $320 million, a 10-percent increase from $292 million in last year's first quarter. But currency pushed the company's top line around. First-quarter revenue was up 2 percent in constant currencies, but down 3 percent after currency adjustments. At current rates, revenue reached slightly more than $3 billion, down from $3.13 billion in last year's first quarter.

Read 4945 times
Rate this item
(0 votes)