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Thomson Reuters first-quarter profit falls


    NEW YORK (Reuters) - News and data provider Thomson Reuters Corp reported a lower quarterly profit, reflecting the lingering effects of the financial crisis on sales to its business and legal clients.

    The company reported a first-quarter underlying profit of $555 million, down 6 percent from $590 million last year.

    Adjusted earnings per share fell to 36 cents from 40 cents per share in the same quarter last year.

    Revenue from ongoing businesses rose 1 percent to $3.14 billion. Excluding the impact of foreign exchange rates, revenue fell 2 percent.

    Revenue was flat in the Markets division, which serves financial industry customers and competes with companies such as Bloomberg LP and News Corp. Excluding the impact of foreign exchange rates, revenue fell 4 percent.

    Revenue rose 2 percent in the Professional division, which sells databases and other information reservoirs to lawyers, accountants, scientists and healthcare workers. Excluding the impact of foreign exchange rates, this revenue rose 1 percent.

    The company stuck to the forecasts it issued in February, saying net sales would strengthen throughout 2010.

    It also repeated that 2010 revenue would be flat to slightly down and that underlying free cash flow would be down slightly from 2009 as it invested in new products and platforms.

    (Reporting by Robert MacMillan and Jennifer Saba; Editing by Ted Kerr)