Thomson Reuters Shares Rise With Earnings Beat, Buyback Plans
By Robb M. Stewart
Thomson Reuters' shares were up strongly Wednesday after the Canadian news and information provider announced a fresh $1 billion share buyback program alongside better-than-expected earnings for the latest quarter.
In morning trading, the stock was 4.3% higher at C$173.28 in Toronto, widening its advance to 12% so far this year. On the New York Stock Exchange, the shares were ahead 4.4% at $125.14 for a year-to-date gain of 9.7%.
The company has received Toronto Stock Exchange approval to renew its normal course issuer bid, and it plans to repurchase up to $1 billion of its shares, or roughly 2.2% of its issued and outstanding stock, over a one-year period though Nov. 2, 2024.
For the third quarter, Thomson Reuters recorded adjusted earnings of 82 cents a share, beating the 76 cents mean estimate of 13 analysts polled by FactSet.
Revenue for the quarter was 1.3% higher at $1.59 billion, ahead of the $1.57 billion expected.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
November 01, 2023 11:10 ET (15:10 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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