By Connor Hart
Thomson Reuters logged higher profit and revenue in the first quarter as the company continues to see growing demand for its artificial intelligence products.
The Canadian news and information conglomerate on Tuesday posted net earnings of $459 million, or $1.03 a share, compared with $434 million, or 96 cents a share, in the same quarter last year.
Stripping out one-time items, earnings were $1.23 a share. Analysts polled by FactSet expected adjusted earnings of $1.21 a share.
Revenues rose 9.8% to $2.09 billion, just ahead of Wall Street models for $2.05 billion.
Thomson Reuters attributed the increase to 10% growth in recurring revenues and 15% growth in transactions revenues. The gains were partially offset by a 4% decline in its global print segment.
Revenue across the company's three largest segments--known as the "Big 3" and making up 85% of total revenue--grew 11% to $1.77 billion.
Chief Executive Steve Hasker said the recent quarter benefited from the performance of the company's AI products, as professionals across law, tax, audit and compliance increasingly turn to the next-generation business solutions.
Looking ahead, Thomson Reuters reaffirmed its outlooks for organic revenue growth, adjusted Ebitda--or earnings before interest, taxes, depreciation and amortization--margin and free cash flow.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
05-05-26 0717ET
