Thomson Reuters' CEO Discusses Q1 2012 Results - Earnings Call Transcript

Before we begin, let me point out that on our website today, you'll find a small change to the Financial & Risk restated financials we've provided to you on April 1. Neither the total company annual revenues, nor our total company quarterly figures have changed, nor have the Q1 growth rates for any of the business units changed. The changes relate solely to the allocation of revenues among the 4 Financial & Risk business units based on the new structure we announced on January 1 of this year.

Today's presentation contains forward-looking statements. Actual results may differ materially due to a number of risks and uncertainties discussed in reports and filings that we provide to regulatory agencies. You can access these documents on our website or by contacting our Investor Relations department. It is my pleasure to now introduce the CEO of Thomson Reuters, Jim Smith.

James C. Smith

Thank you, Frank, and thanks to those of you on the call for joining us. Today, we will review the first quarter results and update you on the progress we're making toward the priorities I outlined during our year-end earnings call in February. I'll then turn it over to Stephane, who will provide you with further details on the results for the quarter.

I would characterize the first quarter's results as on-track and consistent with our full year expectations. In short, so far so good. Total revenues were up 4% as the Legal, Tax & Accounting and IP & Science units all did a bit better than expected. Overall, Financial & Risk grew modestly in what continues to be a very choppy environment, particularly in Europe. EBITDA increased 15% with healthy margin improvement. Operating profit rose 2%. Adjusted earnings per share in the quarter were $0.44 compared to $0.37 in Q1 2011, a 19% increase.

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