Revenue Down at McGraw-Hill
McGraw Hill reports disappointing third-quarter earnings.
By Michael Malone -- Broadcasting & Cable, 10/28/2008 7:57:00 AM
McGraw-Hill’s third-quarter revenue was $2 billion, a 6.4% drop from the same quarter a year ago. Net income for the quarter was $390.2 million, a 13.7% drop. The company reported diluted earnings per share of $1.23 for the third quarter, compared to $1.34 for the same quarter last year. That includes a pre-tax restructuring charge of $23.4 million.
McGraw-Hill owns four ABC affiliates, along with B2B magazines, financial services and educational products. Broadcasting revenue was up 4.4% to $25 million in the quarter, thanks to political advertising. Its Information & Media division saw revenue climb 5.3% to $265.7 million in the quarter.
“A double-digit increase at S&P Investment Services, a strong performance by our elementary-high school products in state new adoptions, growth in U.S. college and university sales, and strength in news and pricing services for global energy markets underscored our diversity and helped cushion the downturn in credit and education markets in the third quarter," said Chairman/President/CEO Harold McGraw III. "Ongoing cost containment and cost reduction activities continue to be a high priority for us in this environment."
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