New York—McGraw-Hill Cos., publisher of BusinessWeek and several other b-to-b properties, Thursday posted a third-quarter profit of $382.3 million, up from $381.3 million in the year-earlier period.
Overall revenue rose to $2 billion, compared with $1.97 billion in the same period a year earlier.
A $15.4 million pretax restructuring charge ($9.7 million after tax) was primarly for employee severance costs for the previously announced integration of McGraw's elementary and secondary publishing operations as well as the outsourcing of some IT functions. Also, approximately 600 jobs were cut in the third quarter, according to McGraw-Hill.
The company attributed the gains to strong results from its financial services sector and stricter cost management, which offset a weaker education market.
The company said it expects full-year earnings of $2.53 to $2.55 per share, up from an earlier forecast of $2.44 to $2.49.
Revenue from the b-to-b group, which includes BusinessWeek and J.D. Power & Associates, rose 9.9% to $221.3 million.
Ad pages for BusinessWeek were up 7.6% in the third quarter, according to the Publishers Information Bureau. BusinessWeek.com continued to thrive, producing more than 13% of BusinessWeek’s total ad revenue in the third quarter.