AFP

Thomson Reuters quarterly earnings fall 59 pct

Thu Nov 5, 10:34 AM

NEW YORK (AFP) - Financial and professional information provider Thomson Reuters reported Thursday third-quarter net earnings of 167 million dollars, down 59 percent from a year ago amid "difficult" market conditions.

Thomson Reuters posted adjusted earnings per share of 43 cents, better than the 40 cents expected by most analysts.

Sales in the July-September period reached 3.216 billion dollars, down 3.7 percent compared with the same quarter last year.

"Despite difficult market conditions, our businesses delivered solid results in the third quarter," said Thomson Reuters chief executive Thomas Glocer.

"While the weak year-to-date net sales experienced in recent quarters are now flowing through into revenues, we expect this dip to be shallow and limited to the next few quarters," he said in a statement.

Thomson Reuters was formed in April 2008 after Canada's Thomson Corp bought Britain-based news agency company Reuters.

"Our ongoing focus on the Reuters integration and close cost management across the company has enabled us to continue to grow underlying operating profit," Glocer said.