“The challenging economy, a seasonally slow start in the elementary-high school business and continued weakness in advertising and the structured finance market were important factors in our first-quarter decline,” Harold McGraw III, McGraw-Hill’s chairman-president-CEO, said in a statement. He added, “Cost containment will be a priority for us all year.”
Revenue in the first quarter fell 5.7% to $207.1 million for McGraw-Hill’s business-to-business group, which includes Aviation Week, BusinessWeek, J.D. Power and Associates, McGraw-Hill Construction and Platts. “A solid performance by Platts’ news and pricing services for global energy markets was offset by declines at J.D. Power and Associates and decreases in advertising in the construction industry and at BusinessWeek,” McGraw said.