Thomson Reuters (NYSE: TRI) CEO Tom Glocer pointed to the “tentative recovery” as helping fuel momentum for the company in the past quarter, as the company’s profits fell less than analysts anticipated. Still, revenue remained largely flat, as the financial sector, a major part of the company’s client base, was still lagging from the recession.
Net income dropped to $134 million from $193 million. On an adjusted basis, EPS was $0.36 per share share, compared to $0.40 last year. Analysts expected EPS to come in at $0.32 (via Bloomberg).
Print deals also pulled down revenues. In the meantime, Thomson Reuters’ build up of its other businesses in the face of the declines from print publishers and the financial sector were able to temper the declines. Specifically, the company pointed to growth at its Healthcare & Science, Tax & Accounting, Enterprise and Legal’s subscription businesses. In general declines at the Markets division appeared to be receding, as revenues fell 4 percent, while the unit’s media segment fell 5 percent.