"

Estimated reading time: 0 minutes, 52 seconds

Thomson Tax & Accounting Rebounds

James Smith, Thomson ReutersThe Tax & Accounting Business of Thomson Reuters resumed its growth path in the third quarter ended September 30. In the second quarter, the unit saw a 13-percent drop in operating profit on a 1-percent increase in revenue. But with the third quarter, operating profit was up 15 percent, 10 percent before currency, with revenue rising 5 percent, 6 percent before currency.

Operating income of $59 million in the September quarter compared to $50 million the prior year. Tax & Accounting revenue of $323 million increased from $307 million.

During the recent earnings webcast, CFO Stephane Bello described Tax & Accounting as rebounding from a disappointing second quarter. He said growth for the corporate and professional segments, which contributed 65 percent of the group's revenue, was strong.

CEO Jim Smith the overall performance showed "Our core subscription businesses are moving in the right direction." Revenue was flat at $2.74 billion—unchanged after currency, up 1 percent before currency when compared to last year's corresponding period.

Earnings from continuing operations rose to $268 million from $263 million. That was offset slightly as earnings from discontinued operated dropped to $18 million from $30 million.

Read 3414 times
Rate this item
(0 votes)

Visit other PMG Sites:

Template Settings

Color

For each color, the params below will give default values
Tomato Green Blue Cyan Dark_Red Dark_Blue

Body

Background Color
Text Color

Header

Background Color

Footer

Select menu
Google Font
Body Font-size
Body Font-family
Direction
PMG360 is committed to protecting the privacy of the personal data we collect from our subscribers/agents/customers/exhibitors and sponsors. On May 25th, the European's GDPR policy will be enforced. Nothing is changing about your current settings or how your information is processed, however, we have made a few changes. We have updated our Privacy Policy and Cookie Policy to make it easier for you to understand what information we collect, how and why we collect it.