Earnings: McGraw Hill Q2 Revs Slip; Media Up 6.8 Percent
This story was written by Joseph Weisenthal.
BusinessWeek publisher McGraw Hill reported Q2 revenue of $1.67 billion, a decrease of 2.6 percent from the prior year. A 10.4 percent decline at its trouble financial services business was the main culprit. Net income fell 23 percent to $212.3 million ($.66 per share) from $277 million ($.79 per share). This quarter did include a $23 million restructuring charge that knocked $.05 off of EPS. Revenue at the Information and Media segment was up 6.8 percent. Operating profit at the unit spike 68.2 percent to $24.8 million. The company said its Platts publication benefitted from volatile energy prices, but that ad pages at BusinessWeek were down 11 percent from last year. For the full year, revenue growth for Information and Media is expected to be up 6-8 percent.
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By Joseph Weisenthal