Buoyed by BusinessWeek Sale, McGraw-Hill Sees Q4 Profit Spikes
Company reports $10.5 million pre-tax gain on sale of ailing business title.
Former BusinessWeek publisher McGraw-Hill reported that net income during the fourth quarter of 2009 spiked 44.3 percent over the same period last year to $167.4 million, the company said in an earnings report released Tuesday. The results included a $10.5 million pre-tax gain ($6.7 million after tax) from its sale of BusinessWeek to Bloomberg LLP late last year.
Previously, McGraw-Hill said it expected a $5.9 million gain after tax on the BusinessWeek sale.
Meanwhile, full-year net income declined 8.6 percent to $730.5 million and revenue slid 6.3 percent to $5.95 billion for 2009.
McGraw-Hill’s information and media division saw operating profit surge 40.6 percent to $45.9, bolstered by the BusinessWeek sale. For the full year, profits were mostly flat (up 0.7 percent) to $92.7 million on $953.9 million in revenue.
McGraw-Hill continues to publish several publications include Aviation Week and several trade titles under its McGraw-Hill Construction group.