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UPDATE 2-Thomson Reuters' 2nd-quarter profit tops estimates

(Adds details of outlook, details of revenue for Reuters News)

NEW YORK, Aug 1 (Reuters) - Thomson Reuters Corp on Tuesday reported higher-than-expected second-quarter earnings and increased its full-year forecast for margins and adjusted earnings per share as it saw improved results across its largest businesses.

The news and information company reported second-quarter net earnings of $206 million, or 27 cents per share, compared with $350 million or 45 cents per share a year ago.

Adjusted for special items, earnings were 60 cents per share.

Analysts, on average, were expecting 52 cents per share, according to Thomson Reuters I/B/E/S.

Total second-quarter revenue was $2.78 billion up 2 percent from a year earlier, but was flat when currency was factored in. That matched analyst expectations, according to Thomson Reuters I/B/E/S.

Sales in the company's Financial & Risk division, which accounted for more than half of company revenue, outpaced cancellations, a key indicator of future growth, driven by sales in Europe, Middle East, Africa and Asia. Financial & Risk revenue, excluding currency, was up 2 percent to $1.5 billion.

Thomson Reuters, which is the parent of Reuters News, competes for financial customers with Bloomberg LP, as well as News Corp's Dow Jones unit.

The company raised its 2017 forecast for earnings to between $2.40 and $2.45 per share, up from $2.35. It raised a forecast for adjusted earnings margins by 5 basis points to a range of 29.3 percent to 30.3 percent.

Thomson Reuters also reaffirmed its outlook of low single-digit revenue growth.

The company saw increases in revenue across all of its divisions except for Reuters News, which saw $74 million in revenue, down 5 percent year over year. (Reporting By Jessica Toonkel; Editing by Nick Zieminski)