McGraw-Hill Reports Double-Digit Media Growth in First Quarter
Information & Media group up 10.5 percent in revenue.
McGraw-Hill says revenue grew 7.7 percent to $1. 3 billion while net income jumped 16.2 percent to $120 million in the first quarter of 2011.
Revenue in McGraw-Hill’s Information & Media segment rose 10.3 percent to $227.5 million while operating profit grew 34.5 percent to $37.4 million. The company says foreign exchange rates "unfavorably affected operating profit by $1.1 million in the first quarter."
The Business-to-Business Group-which includes Aviation Week, McGraw-Hill Construction, J.D. Power and Associates and Platts-saw revenue increase 10.3 percent to $206.9 million.
McGraw-Hill Financial was up 16.2 percent to $324 million in revenue and up 35.3 percent in operating profit to $96.3 million while the Education group was up 4.6 percent to $302.7 million in the first quarter of 2011.
"A promising year is off to a solid start," said Harold McGraw III, chairman, president and CEO of The McGraw-Hill Companies in a statement. "We have started to realize the value of our newest segment McGraw-Hill Financial, which produced strong growth and margin expansion in the first quarter. Significantly, we were able to achieve a solid increase in first quarter earnings while making investments to build on our growing digital presence in education and position Standard & Poor’s for stronger profit growth for the balance of the year."