Thomson Reuters Corp., the provider of financial data and news, reported second-quarter profit that beat analysts’ estimates as cost cuts buoyed results.
Earnings excluding items were 51 cents a share, exceeding the 46-cent average of predictions compiled by Bloomberg. The New York-based company said it plans to repurchase as much as $1 billion of its shares by the end of 2015.
A cost-reducing plan for the financial and risk business, announced in October, helped boost results, Reuters said.
The news provider reaffirmed its 2014 outlook, including revenue comparable to last year and a margin for adjusted earnings before interest, taxes, depreciation and amortization of 26 per cent to 27 per cent. That margin improved to 27.8 per cent in the second quarter from 27.6 per cent a year earlier.