Business NEWS
McGraw-Hill third-quarter profit fell
By Steve Gavriliuc for CEOWORLD Magazine Updated:October 26, 2009
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Publishing giant The McGraw-Hill Companies, Inc. (MHP.N) said Monday that its third quarter profit and revenue fell from last year, sending its shares lower.
The New York-based company reported third quarter net income of $336.1 million, or $1.07 per share, down 14% from $390 million, or $1.23 per share, in the year-ago period. Revenue fell 8% from last year, to $1.9 billion.
On average, Wall Street analysts expected a lower profit of $1.05 per share. Looking ahead, the company said it expects its full-year 2009 earnings to be at the top end of its $2.20 to $2.25 per-share forecast. On average, analysts are looking for $2.24 per share.
Last year’s earnings included a 5-cents-a-share after-tax charge for restructuring. Analysts polled by FactSet Research were looking for a profit of $1.06 a share in the recent quarter.
Revenue fell 8.4% to $1.9 billion, matching analysts’ mean estimate. For the full year, McGraw-Hill expects earnings at the top end of its $2.20 to $2.25 a share forecast. Wall Street predicted a 2009 profit of $2.24 a share. Shares of McGraw-Hill rose nearly 2% premarket to $31.
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