Net income for the fourth quarter increased 44.4% to $167.3 million. The company posted a pretax gain of $10.5 million from its sale of BusinessWeek to Bloomberg L.P.
McGraw-Hill's net income for all of 2009 declined 8.6% from the previous year, to $730.5 million, while revenue decreased 6.3%, to $5.95 billion.
“Continued recovery in the corporate new issue market here and overseas at Standard & Poor’s Credit Market Services, and an upswing in higher education, professional and international markets, enabled us to finish 2009 positively and set the stage for more growth in 2010,” Harold McGraw III, chairman and president-CEO of McGraw-Hill Cos., said in a statement.
McGraw-Hill’s business-to-business group saw its revenue decline in the fourth quarter 9.5% to $230.0 million. The quarterly results reflect two months’ revenue from BusinessWeek. For the year, the business-to-business group’s revenue decreased 8.6% to $872.7 million.