Thomson Reuters (NASDAQ: TRIN) reported Q2 revenue of $3.4 billion an 11 percent year-over-year increase. Earnings were down at $173 million (22 cents a share) from $377 million (58 cents a share) in the year-earlier period. On a pro forma basis, earnings from ongoing businesses came in at 45 cents a share. Its Markets Division, which includes its Reuters and Thomson units, posted revenue of $2.1 billion, up 12 percent year on year. Its organic growth rate was 7 percent, down from Q1’s 9 percent. Still, it hit analyst expectations, which had forecast 7 to 8 percent growth. The company also said that the integration of the two firms was continuing on track, and had achieved a run-rate savings of $490 million as of the end of June 30.

Media division (which includes its online sites) pro forma revenues increased 12 percent to $119 million, with 2 percent organic revenue growth. Revenue growth from Professional and Agency businesses of 8 percent and 6 percent, respectively, was offset by timing issues on royalty payments, which are expected to be recovered in the second half of 2008, and weakness in the Consumer business in the Americas related to weaker advertising spend.

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More from the conference call after the jump

Conference call: For all the economic challenges facing its clients, Thomson Reuters various lines remain “resilient and healthy”, in the words of Tom Glocer. He did acknowledge that no company is immune to things, but that there’s more to the world than investment banks in New York and London. The company’s Asia business was up 15 percent in the quarter, while the Middle East grew 30 percent. And legal continues to grow. While there have been some layoffs at large law firms (they’ve been pretty rare), there are anew growth areas in the legal landscape: “Litigation from the mortgage and credit crisis are beginning to kick in.” Other factors holding things up include growth in mid-level financial firms and new offerings that help clients reduce costs. Glocer said the company is seeing “fantastic growth of data feeds as our clients look to cut costs through trade automation”. No mention of size of this business. As for the core terminals business, as the company has noted several times before, customers sign multi-year contracts, so that business doesn’t immediately get cut.

2008 vs. 2002: Glocer notes that through the first half of 2008, the markets business is up 8 percent, whereas in 2002, this line (combined) was down 5 percent. It’s an interesting comparison if you accept the premise that we’re at the same stage in the cycle, and not still in the very early innings.