Benzinga | May 4, 2021 03:54PM EDT

Thomson Reuters Shares Are Trading Higher On Q1 Earnings

* Thomson Reuters Corp (NYSE: TRI) reported first-quarter FY21 revenue growth of 4% year-on-year to $1.58 billion.

* Organic revenues rose 3%, from a 3% growth in recurring revenues. The company's "Big 3" segments (Legal Professionals, Corporates, and Tax & Accounting Professionals) reported organic revenue growth of 5%.

* Revenue from Legal Professionals revenue rose 7% to $668 million; Corporates revenue rose 5% to $384 million; Tax & Accounting Professionals revenue rose 3% to $225 million; Reuters News revenue rose 3% to $160 million; and Global Print revenue declined 7% to $143 million.

* Operating profit rose 34% to $387 million.

* Adjusted EBITDA rose 16% to $558 million, with margins expanded by 370 basis points to 35.3%.

* TRI clocked adjusted EPS of $0.58 and held $2.6 billion in cash and equivalents. It generated $380 million in operating cash flow.

* The board approved a $0.10 per share annualized increase in the dividend to $1.62 per share in Feb., representing the 28th consecutive year of dividend increases. A quarterly dividend of $0.405 per share is payable on June 15, 2021.

* It completed the repurchase of $200 million shares as of Feb.

* Guidance: Q2 revenues and total organic revenues growth guidance of 5.5% to 6.5%. "Big 3" total revenue growth and organic revenue growth guidance lie between 6% - 7%; Tax & Accounting Professionals revenues growth of 10% - 15%; Reuters News revenues growth of 2% - 3%; Global Print revenues growth guidance lies between 1% and 3%.

* Price action: TRI shares traded higher by 3.52% at $96.79 on the last check Tuesday.