Earnings: McGraw Hill Revs Down 6.1 Percent On Finance; Media Up 3.2 Percent
This story was written by Joseph Weisenthal.
McGraw Hill, publisher of BusinessWeek, announced Q1 revenue of $1.21 billion a 6.1 percent decline from $1.29 billion in the year-ago period. The bottom line was even worse, with net income falling 43.6 percent to $81.1 million. The decline can largely be attributed to weakness at S&P and the fall-off in the structured finance business. Revenue at the information and media unit, which includes BusinessWeek, was up 3.2 percent to $243.4 million. At BW, ad pages were down by 19.4 percent. The company expects revenue growth in the unit to increase by 6 to 8 percent, despite the weak economy, although it acknowledged that fresh digital investments would eat into profits.
By Joseph Weisenthal