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McGraw-Hill’s earnings, revenue decline in second quarter

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New York—McGraw-Hill Cos. reported Monday that net income for the second quarter decreased 23.4% to $212.3 million compared with the same period last year.

These results include a pretax restructuring charge of $23.7 million ($14.8 million after tax) or $0.05 per diluted share due to severance costs for eliminating 395 positions.

Revenue declined 2.6% to $1.7 billion in the second quarter.

Revenue for McGraw-Hill’s Business-to-Business Group increased 7.8% to $240.4 million. The group includes the following brands: Aviation Week, BusinessWeek, J.D. Power and Associates, McGraw-Hill Construction and Platts. A key driver in the group’s second-quarter performance was Platts, whose petroleum news and pricing products attracted new subscribers in the volatile oil market.

—Sean Callahan

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