Thomson Reuters grows revenue, announces 3,000 positions to be eliminated
On the day they announced somewhat better than expected earnings and revenue, CEO Jim Smith told employees that 3,000 positions would be eliminated in order to “reduce product and operational complexity” across the company
NEW YORK, NY – October 29, 2013 – Thomson Reuters today reported results for the third quarter ended September 30, 2013. Revenues from ongoing businesses grew 2% (before currency) from the prior-year period to $3.1 billion. Adjusted EBITDA increased 4% from the prior-year period and the corresponding margin was 27.5% versus 26.5% for the third quarter of 2012. Underlying operating profit was up 3% and the corresponding margin was 17.8% versus 17.5% in the prior-year period.
Third-quarter adjusted earnings per share (EPS) were $0.48, unchanged from the prior-year period.
“Our third-quarter results confirm the positive momentum we are generating in the marketplace,” said James C. Smith, chief executive officer of Thomson Reuters.
“Our financial business recorded positive net sales for the first time since the second quarter of 2011. We have now installed more than 100,000 Eikon desktops to date,” said Smith. “I am also pleased that we crossed another milestone by migrating customers off our legacy Bridge Data Network, which was the third significant shutdown of a legacy platform this year.”
“Though we continue to expect challenging conditions in the coming quarters – particularly with the largest global banks – these are significant steps in returning our financial business to a growth footing.”
“Our improving track record on execution gives me the confidence to now move even faster in our transformation work,” said Smith. “We will pick up the pace of efforts to simplify and streamline our organization, to shift resources behind the most promising growth opportunities and to use every tool at our disposal to drive value creation for all our stakeholders.”