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Thomson Reuters swings to profit, tops forecast

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(Globalpost/GlobalPost)

The financial news and information firm Thomson Reuters reported Wednesday its profit for the fourth quarter was $372 million, and said its rebound was on target.

The results followed a loss in the same period a year earlier of $2.6 billion, due to a large writedown on its financial services business.

Thomson Reuters, which is incorporated in Canada and has its headquarters in New York, said its full-year 2012 profit rose to $2.1 billion from $1.4 billion the prior year.

The adjusted profit per share amounted to 60 cents a share in the past quarter, slightly better than expected on Wall Street.

Revenues grew five percent to $3.4 billion over the quarter and were down four percent for the year at $13.3 billion.

"2012 was a watershed year for us," said chief executive James Smith.

Smith said 2012 "will best be known as the year we turned the tide in our Financial & Risk business. I said last year that our journey would entail a multi-quarter turnaround; we are halfway through that process."

Thomson Reuters was created in 2008 with Canadian media giant Thomson Corp's takeover of British-based Reuters. It operates a number of financial and legal information services as well as the Reuters news agency.

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http://www.globalpost.com/dispatch/news/afp/130213/thomson-reuters-swings-profit-tops-forecast