McGraw-Hill earnings rise 18.6%

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New York--The McGraw-Hill Cos. reported Tuesday net income for the fourth quarter grew 18.6% from a year earlier to $159.9 million. The results included a gain on the sale of real estate and the loss on the planned sale of its juvenile retail publishing business. Revenue in the fourth quarter increased by 7.1% to $1.2 billion.

Net income for 2003 increased 19.2% over 2002 to $687.7 million. Revenue increased 4.0% to $4.8 billion. In 2003, revenue for McGraw-Hill’s information and media services segment declined 4.6% to $772.6 million and operating profit decreased 7.0% to $109.8 million compared with 2002.

In the fourth quarter, revenue for the segment was off 5.1% to $232.6 million and operating profit declined 10.3% to $53.6 million.

In the company’s b-to-b group, which includes BusinessWeek and Aviation Week & Space Technology, revenue declined 4.4% to $669.6 million for 2003. The group’s revenue for the fourth quarter was off 4.1% to $204.7 million.

--Sean Callahan

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