- Markets division streamlined into two operating units
- 2011 Outlook affirmed
- Total company revenues expected to increase approximately 4% before currency in the second quarter
- Second quarter results are expected to reflect continued strong revenue performance across the Professional division with growth in the Markets division somewhat slower than anticipated
- Adjusted earnings per share in the second quarter expected to be between $0.49 and $0.52 vs. $0.41 in the prior-year period
Thomson Reuters (TSX / NYSE: TRI), the world’s leading source of intelligent information for businesses and professionals, yesterday announced changes to the organizational structure for its Markets division, as it moves beyond the Reuters integration. These changes are designed to accelerate growth by simplifying the business while improving collaboration across the company.
The Markets division’s current organizational structure (Sales & Trading, Investment & Advisory, Enterprise and Media) will be combined into three units:
- Financial Professionals & Marketplaces: Focusing on services for professionals delivered to screens and trading marketplaces, combining the former Sales & Trading and Investment & Advisory businesses
- Enterprise Solutions: Focusing on services and infrastructure for financial firms as a whole, continuing and expanding the current Enterprise unit
- Media: Providing news and information tailored for media and business professionals
"These changes are intended to accelerate growth as we flatten our organization to operate as an integrated company and unleash cross-company capabilities and operating synergies," said Thomas H. Glocer, chief executive officer of Thomson Reuters.
The company also announced that, coincident with these organizational changes, Devin Wenig, chief executive officer of the Markets division, has decided to leave Thomson Reuters. Mr. Glocer will assume responsibility for the Markets division.
"I want to thank Devin for his many contributions over a very productive 17-year career with our company," said Mr. Glocer. "In particular, I'd like to thank him for running the successful integration of Reuters, consolidating Markets product lines into a two-platform strategy (Eikon and Elektron), and fostering innovation across the business. I wish him the very best."
Company Reaffirms Full-Year Outlook, Reports Expectations for Second-Quarter Results
The company today also reaffirmed its outlook for the full year 2011, and reported its expectations for the second quarter ended June 30, 2011. The company expects to report ongoing revenues of between $3.1 billion and $3.2 billion, up approximately 4% before currency, and anticipates reporting adjusted earnings per share (EPS) between $0.49 and $0.52 compared to $0.41 in the second quarter of 2010.
Results for the second quarter of 2011 will be released on Thursday, July 28, 2011 and a regular earnings webcast will be held at 8:30 a.m. (EDT) that day.