Thomson Reuters reported strong results for the fourth quarter and full year ended 31 December 2008. These results reflect balanced contributions across the company’s portfolio of businesses, despite very challenging market conditions.
Pro forma fourth-quarter revenues reached $3.4 billion, an increase of 5% before currency (flat after the impact of currency). Full-year pro forma revenues are $13.4 billion, an increase of 8% (currency had no impact).
GAAP revenues increased 68% for the fourth quarter and 60% for 2008, primarily due to the Reuters acquisition, which was completed on 17 April 2008. Fourth-quarter diluted earnings per common share composed $0.79 and pro pro forma adjusted diluted earnings per share of $0.57.
2008 diluted earnings per share was $1.81 and pro forma adjusted diluted earnings per share reached $1.91. Fourth-quarter free cash flow was $694 million and underlying free cash flow was $829 million.
2008 free cash flow composed $1.8 billion and underlying free cash flow reached $2.3 billion.
“I am very pleased with the operating performance of Thomson Reuters in 2008, as well as the significant progress we achieved in integrating the acquired Reuters business,” says Thomas H. Glocer, chief executive officer, Thomson Reuters.
“I am especially pleased we have been able to accelerate the Reuters integration, significantly increase the savings we expect to achieve, and reach our goal of becoming ‘one company in one year’. While considerable work remains to consolidate operations and migrate customers to the new strategic products we will launch this year, we are beginning to benefit from the advantages of increased scale.”
“Based on the current environment in the markets we serve, we expect our revenues to grow in 2009,” continues Glocer.
L.D.