McGraw-Hill Earnings: ‘Cost Containment Remains A Priority’

The McGraw-Hill Companies (MHP) reported earnings of $336 million, down 13 percent from $390 million in this quarter last year. The Information & Media division, including J.D. Power & Associates, assorted trade magazines, and BusinessWeek (at least until the company can get the mag off its books and onto Bloomberg’s), saw revenue decline by 10 percent as the company cut expenses by 8 percent.

“Cost containment remains a priority,” Harold McGraw III, chairman, president and chief executive officer said in a statement, warning that the company predicted another soft quarter ahead.

The BusinessWeek sale, company execs said, will be worth $5.9 million after taxes.

Publish date: October 26, 2009 © 2020 Adweek, LLC. - All Rights Reserved and NOT FOR REPRINT