Thomson Reuters Clocks 3% Revenue Growth In Q3; Reaffirms FY22, FY23 Outlook

Thomson Reuters Corp (NYSE: TRI) reported third-quarter FY22 revenue growth of 3% year-on-year to $1.57 billion, missing the consensus of $1.59 billion.
Organic revenues increased by 6%, driven by recurring revenues.
The "Big 3" segments (Legal Professionals, Corporates, and Tax & Accounting Professionals) collectively comprised 80% of total revenues and reported organic revenue growth of 6%. Legal Professionals' revenue grew 3% Y/Y to $701 million, Corporates' revenue rose 5% Y/Y to $373 million, and Tax & Accounting Professionals' revenue increased 7% Y/Y to $190 million.
Reuters News revenue improved 1% Y/Y to $171 million, and the Global Print revenue fell 3% Y/Y to $146 million.
Adjusted EBITDA margin expanded 400 bps to 34%.
Adjusted EPS of $0.57 beat the consensus of $0.49.
Thomson Reuters generated $386 million in free cash flow and held $459 million in cash and equivalents.
Dividend: The company's quarterly dividend of $0.445 per share is payable on December 15, 2022, to common shareholders of record as of November 17, 2022.
Outlook: Thomson Reuters reiterated FY22 revenue growth of 6%. It also reaffirmed the FY23 revenue growth outlook of 5.5% - 6.0%.
Price Action: TRI shares traded lower by 3.82% at $102.22 on the last check Tuesday.
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