Thomson Reuters Corp Reaffirms FY 2013 Revenue Guidance; Comments On Q4 2013 Charge Guidance; Declares Dividend; Plans To Repurchase Up To $1 Billion Shares

Tuesday, 29 Oct 2013 07:05am EDT 

Thomson Reuters Corp reaffirmed its fiscal 2013 guidance and expects revenues to grow low single digits. The Company's outlook includes the impact of an expected $100 million of severance expenses in 2013, $97 million of which was incurred in the first three quarters of the year. The Outlook also includes adjustments for two new accounting pronouncements as well as the reclassification of certain businesses into disposals. The Company's Outlook does not include the planned charge of approximately $350 million or planned pension contribution of approximately $500 million. For fourth quarter of 2013, it expects to record a charge of approximately $350 million, with a smaller portion recorded in fiscal 2014. These charges are expected to help accelerate cost savings opportunities from simplification efforts across the organization, primarily in Financial & Risk. The Company reported revenue of $12.899 billion in fiscal 2012. The Company also announced that a quarterly dividend of $0.325 per share is payable on December 16, 2013 to common shareholders of record as of November 21, 2013. The Company also announced that it plans to repurchase up to $1 billion of its shares by the end of fiscal 2014. These repurchases are expected to be funded by lower acquisition spending in 2014 and a modest increase in the Company's leverage ratio target. 

Company Quote

27 May 2015