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The Tax & Accounting Professionals business of Thomson Reuters had a quarter buffeted by unusual events. The second quarter ended June 30 was impacted both by the extension of tax deadline through July 15 and the company’s sale of its government business.

The result was revenue dropped to $168 million for the recently ended quarter, down 8 percent from $182 million a year ago, The total was off 4 percent in constant currencies. The unit’s EBITDA dropped to $54 million, off 25 percent from $559 million in last year’s corresponding period. Net income fell to $126 million for the quarter, down 30 percent from  $180 million a year earlier.

The first half was also affected by the shipment of UltraTax in the last quarter of 2019, a change from the past practice from shipping the tax preparation package in the first quarter. Revenue for the first half of $386 million, off 4 percent from $404 million a year ago.

During this week's earnings webcast, CFO Mike Eastwood said he expects Tax & Accounting’s revenue to rebound in the second half to a. more than 5-percent increase.

Company revenue dropped 2 percent to slightly more than $1.4 billion for the most recently ended quarter. Net earnings fell 30 percent to $126 million from $180 million

Bob Scott
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards.  Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He  has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that.  A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
Last modified on Wednesday, 12 August 2020
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