Highlights on overall information from Associated Press:
- Third-quarter net income tumbled 60 percent from a year ago, as revenue in its legal and market divisions fell.
- The company earned $162 million, or 19 cents per share, in the three months ended Sept. 30. That’s down from $404 million, or 49 cents per share, a year earlier.
- Earnings slipped to 43 cents per share from 47 cents a share a year ago. Analysts had expected 40 cents per share.
- Revenue declined 4 percent to $3.22 billion, in part because of unfavorable foreign exchange rates.
Specifically regarding Legal from the Thomson Reuters Press Release:
- Revenues were down 1%. Solid growth in subscription businesses led by Westlaw, Find Law and international units was offset by continued weakness in non-subscription services including Print, Ancillary, Enterprise software, Consulting Services and Trademarks. As in the second quarter, small law firms and government units were the fastest growing customer segments.
- Operating profit declined 5%, with the related margin decreasing 100 basis points, due primarily to the mix of revenues, partially offset by cost controls and the benefits of efficiency initiatives.