Thomson Reuters beats expectations

FINANCIAL news and data publisher Thomson Reuters said yesterday its third-quarter sales fell but that its profits beat Wall Street estimates.<br /><br />The group said that revenue in its markets division, which serves the financial industry, fell four per cent to $1.86bn (&pound;1.1bn) in the period.<br /><br />Revenue from ongoing businesses, excluding the impact of foreign exchange rates, fell two per cent to $3.21bn, compared to average analyst forecasts of $3.23bn.<br /><br />But the firm said underlying operating profit rose three per cent to $711m, from $690m a year earlier.<br /><br />Reuters affirmed its previous guidance, saying it expects revenue to grow in 2009 and underlying operating profit margin and free cash flow to be comparable to 2008.