McGraw-Hill reports decreased net income, revenue

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New York—McGraw-Hill Cos., which last week agreed to sell BusinessWeek to Bloomberg LP, reported Monday that its net income for the third quarter totaled $336.1 million, a decrease of 13.9% from the same period last year. Revenue declined 8.4% to $1.9 billion.

Speaking of McGraw-Hill’s information and media division, Harold “Terry” McGraw III, chairman and president-CEO of McGraw-Hill, said in a statement: “Platts, our worldwide energy information service, again turned in solid results, but only partially offset declines in print and television advertising.”

Revenue for the information and media segment declined 10.1% to $238.9 million compared with the same period last year.

McGraw-Hill’s b-to-b group saw its third-quarter revenue decrease 8.7% to $219.8 million. McGraw said that the company anticipated “a projected $0.02 per share gain ($9.3 million pretax and $5.9 million after tax) from the sale of BusinessWeek in the fourth quarter.”

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