New York—McGraw-Hill Cos. reported Tuesday that its first-quarter revenue grew 11.9% to $1.0 billion, compared with the first quarter of 2004. Net income from continuing operations was $78.7 million, a gain of 3.2% from last year’s first quarter.
The first-quarter revenue gain was driven by McGraw-Hill’s financial services unit, according to Harold McGraw III, chairman-president and CEO of the company. McGraw-Hill’s information and media services division saw its revenue decline by 1.3% to $174.4 million. The unit’s operating profit fell 65.2% to $4.7 million. "Gains in information products and services were offset by declines in advertising in the first quarter at the Business-to-Business Group. Revenue decreased 1.2% to $150.2 million for the Business-to-Business Group, which includes BusinessWeek, construction, energy, aviation and health care products and services," McGraw said in a statement.