Thomson Reuters operating profit tops Wall Street estimates

), parent of the Reuters News agency, reported higher-than-expected quarterly operating profit on Thursday and affirmed its 2019 and 2020 estimates.

The news and information provider posted single-digit sales increases in the third quarter in each of its three largest divisions, Legal Professionals, Corporates and Tax & Accounting Professionals. Operating profit rose to $262 million, or 27 cents a share, from $173 million or 12 cents a share a year ago, reflecting the revaluation of warrants the company holds in Refinitiv, which the London Stock Exchange has agreed to buy.Thomson Reuters affirmed its 2019 and 2020 sales and earnings outlook, which it had raised in August.

The LSE agreed on Aug. 1 to buy the financial-data business, now called Refinitiv, from Blackstone for $27 billion in an all-share deal. Thomson Reuters will hold a 15% stake in the LSE on completion of the Refinitiv deal, which is expected in the second half of 2020, the companies said. A Thomson Reuters representative will also sit on the LSE board.Thomson Reuters reported a net loss of $44 million, or 9 cents per share, versus a profit of $302 million, or 39 cents per share, a year ago.

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