Thomson Reuters reports higher fourth quarter revenue

NEW YORK, Feb 8 (Reuters) - Thomson Reuters Corp on Thursday reported higher than expected profit but sales of divisions impacted total revenue growth, overshadowing sales growth in its three biggest divisions serving legal, tax and accounting businesses. The Toronto-based news and information provider reported fourth quarter revenue rise of 3% to $1.8 billion, shy of analyst estimates of $1.82 billion, according to LSEG data. The company reported adjusted fourth quarter earnings per share of 98 cents. Wall Street expected a profit per share of 90 cents per share, according to LSEG data.

“Last year was one of innovation and accomplishment across our business”, said Steve Hasker, President and CEO of Thomson Reuters in a prepared statement. “We made significant progress delivering Generative AI-powered solutions, including the launch of AI-Assisted Research on Westlaw Precision, as well as expanded features and design enhancements across our product portfolio."

The company said it expected to end its $1 billion share buyback by the end of the second quarter.

Thomson Reuters anticipates 2024 revenue to rise by about 6%, or slightly ahead of estimates of 5.7%, according to LSEG data.

Operating profit fell 11% to $558 million, factoring in gains from divestitures last year, but rose 12% excluding one time gains from higher revenue and lower costs.

(Reporting by Kenneth Li in New York Editing by Nick Zieminski)