Thomson Reuters reports rise in revenue, profit

(Reuters) - News and information company Thomson Reuters Corp (TRI.N) (TRI.TO) on Wednesday reported a higher-than-expected quarterly profit on a 1 percent rise in revenue on growth in its Legal and Tax & Accounting divisions.

Adjusted for special items, second-quarter earnings were $415 million, or 51 cents per share, compared with $403 million, or 48 cents per share, a year earlier. Analysts on average were expecting 46 cents per share, according to Thomson Reuters I/B/E/S.

"Our second-quarter results build upon the good start to the year and are consistent with our full-year expectations," Chief Executive Officer Jim Smith said in a statement.

"The actions we are taking are building a platform for sustainable growth," Smith said, "and we will continue to simplify our organization and position resources behind the most promising growth opportunities."

Thomson Reuters has been challenged in recent years as key customers at financial institutions and law firms reduce costs and trim staff.

Revenue before currency changes at the company's Financial & Risk division, which caters to banks and other financial institutions, fell 2 percent to $1.65 billion. However, Thomson Reuters said net sales for the second quarter were positive. Net sales, which strip out cancellations, are an important metric because they indicate future revenue growth.

Revenue rose 1 percent to $850 million at the Legal division and increased 14 percent to $324 million at the Tax & Accounting division.

The company said second-quarter revenue from ongoing businesses was $3.15 billion, compared with analysts' expectations of $3.13 billion.

Net earnings were $249 million, compared with $248 million a year earlier.

The company affirmed its full-year earnings forecast and expects revenue to be unchanged from last year's $12.5 billion.

(Reporting by Jennifer Saba in New York; Editing by Lisa Von Ahn)