TORONTO, May 11, 2018 /PRNewswire/ -- Thomson Reuters (TSX/NYSE: TRI) today reported results for the first quarter ended March 31, 2018. The company also issued a full-year 2018 Outlook for its continuing operations and announced a new $500 millionshare repurchase program.
Revenues increased 4% due to higher recurring revenues and a positive impact from foreign currency.
- At constant currency, revenues increased 3%.
Operating profit decreased 2% due to the unfavorable impact of a prior-year period gain on an investment.
- Adjusted EBITDA increased 4% and the margin was unchanged at 31.2%.
Diluted loss per share reflects an $844 million deferred tax charge associated with the proposed sale of a 55% interest in the company's Financial & Risk business. The tax charge is required to be recorded when a business is first considered held for sale, rather than when the sale is completed. The company estimates that a cash tax payment of approximately $300 million will arise in 2018 in connection with the closing of the transaction and the remainder deferred until such time as the company disposes of its 45% interest in the new partnership.
- Adjusted EPS, which excludes discontinued operations, was $0.28 and increased 12%, or $0.03 per share, due to higher adjusted EBITDA and lower interest expense.
Cash flow from operations increased $787 million primarily because the prior-year period included a $500 million pension contribution as well as severance payments.
- Free cash flow increased $705 million reflecting similar factors.
