Electronic publisher Thomson Corp. reported a higher second-quarter profit on Thursday, as it works to complete its purchase of Reuters Group Plc.
Thomson, which publishes legal, tax, financial, scientific and health care information, said it earned $377 million, or 58 cents per share. That was up from a profit of $173 million, or 26 cents per share, in the same period a year earlier.
After adjusting for a one-time tax benefit of $14 million, discontinued operations, costs related to the Reuters transaction and other items, earnings were $254 million, or 39 cents a share, compared to $210 million, or 33 cents a share in the corresponding period in 2006.
According to Reuters Estimates, analysts were expecting Thomson to earn 35 cents per share before one-time items on revenue of $1.8 billion.
Revenue in the quarter increased 11 percent to $1.81 billion from $1.63 billion in the year-prior period.
In May, Thomson agreed to buy Reuters for what was then about $17.2 billion in cash and stock to create the world's leading provider of news and data for professional markets.
The transaction is being reviewed by the U.S. Department of Justice, European Commission and Canadian Competition Bureau. The two companies are also making filings with competition authorities in other jurisdictions, said Thomson.
The company forecast 2007 revenue growth at the high end of its long-term target range of 7 percent to 9 percent, and it said cash generated by continuing operations is expected to grow, excluding cash generated through deployment of the Thomson Learning sale proceeds.
Thomson said it will no longer issue or affirm operating profit margin guidance until it closes its acquisition of Reuters.
(Reporters and editors involved in writing and editing this report may own Reuters securities and are bound by the Reuters Code of Conduct, which restricts dealing in securities in companies a journalist is reporting on)