Bloomberg title the mid year results thus…..Thomson Reuters Quarterly Net Doubles on Cost Savings
You can see the full article at .http://www.bloomberg.com/apps/news?pid=20601082&sid=aZp1l3HrnmCE
Here are a few relevant snippets…
Aug. 6 : Thomson Reuters Corp., the news and data provider created by a merger last year, said second-quarter profit more than doubled, fueled by cost savings from the deal and demand for the Westlaw legal service.
Net income advanced to $315 million, or 38 cents a share, from $150 million, or 19 cents, a year earlier, New York-based Thomson said today in a statement. Earnings excluding some items rose to 58 cents a share, compared with the 44-cent average estimate in a Bloomberg survey.
The company eliminated jobs and products to help achieve $925 million in annualized savings from integrating Reuters in the first half. Thomson Corp. bought Reuters Group Plc for $15.9 billion in April 2008, adding financial information to its legal databases and health-care data products.
?The global economy is still fragile, but things are no longer getting worse,? Chief Executive Officer Tom Glocer said on a conference call.
?The most significant portion of savings to date is related to headcount and the vast majority of these initiatives have now been completed,? Chief Financial Officer Bob Daleo said on the conference call.
Mark Bonacci, a spokesman for the company, said Thomson Reuters doesn?t disclose job-cut figures.
Revenue in the professional division, including legal and tax products, gained 4 percent, excluding the impact of currency translations. Sales in the markets unit were little changed on that basis, as growth in the enterprise segment countered declines in sales and trading, as well as media.
