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McGraw-Hill logs strong 3rd quarter

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New York--The McGraw-Hill Cos., publishers of Business Week, posted a strong third quarter, with overall revenue increasing to $1.3 billion, a 9.3% jump from a year earlier. The company posted net income of $102.8 million, up from $25.9 million. "Strong performances in the educational and professional publishing markets, continued strength at Standard & Poor's and record results at Business Week were key ingredients in our third quarter," said Harold McGraw, president-CEO. In the company's information and media services division, operating revenue grew to $230 million in the third quarter, an increase of 11.5% over the year-earlier period. Similarly, operating profit grew to $22 million, an increase of 14.9%. The performance of the information and media services division was anchored by Business Week, which saw its ad pages grow by 41.7% from a year earlier, according to Publishers Information Bureau data.
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