TORONTO - Thomson Reuters (TSX:TRI) (TSX/NYSE: NYSE:TRI) reported better-than-expected third quarter results and raised its full-year organic revenue growth outlook, sending shares soaring 21% on Tuesday.
The information and media company posted adjusted earnings per share of $0.80 for Q3, beating analyst estimates of $0.77. Revenue rose 8% year-over-year to $1.72 billion. Organic revenue growth was 7% in the quarter.
Thomson Reuters raised its full-year 2024 organic revenue growth forecast to approximately 7%, up from its previous outlook of about 6.5%. The company also boosted its organic growth projection for its key "Big 3" segments to around 8.5%, compared to about 8% previously.
"We saw good momentum continue in the third quarter, with revenue and margins moderately ahead of our expectations," said CEO Steve Hasker. He noted the company is increasing its AI investment to over $200 million in 2024 as it focuses on driving innovation.
The Legal Professionals segment, Thomson Reuters' largest business, saw 8% revenue growth to $745 million. The Corporates segment revenue jumped 12% to $437 million.
For Q4, the company expects organic revenue growth of approximately 5% and an adjusted EBITDA margin of about 37%.
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