New York--The McGraw-Hill Cos. Inc., which publishes Business Week
and owns the Standard & Poor's rating agency, Thursday posted lower first-quarter earnings, but said it was on target to deliver another full year of good earnings growth. The company reported earnings of $16.1 million, or 8 cents a share, down from $33.2 million, or 17 cents a share, in the same period last year, beating analysts' expectations of 7 cents a share. Revenue for the first quarter, including $54.2 million from the acquisition of Tribune Education in September 2000, grew by 7.9% to $846.4 million. But the softening ad market hurt its publications and broadcast group, with ad pages at Business Week
in the first quarter down 30.1%.