** 4 days before earnings **
** charts after earnings **
Thomson Reuters beats by $0.01, misses on revs; reaffirms FY16 :
- Reports Q2 (Jun) earnings of $0.50 per share, excluding non-recurring items, $0.01 better thanthe Capital IQ Consensus of $0.49; revenues fell 1.2% year/year to $2.77 bln vs the $2.83 bln Capital IQ Consensus, due to the impact of currency and lower recoveries revenues. Operating profit increased 16% to $401 million. The increase was driven by favorable fair value adjustments associated with foreign currency derivatives embedded in certain customer contracts
- Co continues to expect:
- Low single-digit revenue growth 2% to 3% revenue growth excluding Financial & Risk's recoveries revenues, which are low margin revenues and are expected to decline as partners move to direct billing with their customers
- Adjusted EBITDA margin to range between 27.3% and 28.3%. Comparable 2015 adjusted EBITDA margin (excluding IP & Science business) was 27.3%
- Underlying operating profit margin to range between 18.4% and 19.4%. Comparable 2015 underlying operating profit margin (excluding IP & Science business) was 18.1%
- Free cash flow to range between $1.7 billion and $1.9 billion in 2016
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