McGraw-Hill posts higher revenue, profits

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New York—McGraw-Hill Cos. reported Tuesday that its 2004 revenue increased to $5.3 billion, a 7.4% gain over 2003. The company generated net income of $755.8 million for the year, up 9.9% from 2003. Diluted earnings per share from continuing operations were $3.92, a 9.5% increase over 2003. Revenue for the fourth quarter increased 10.6% to $1.4 billion. Net income for the fourth quarter rose 18.8% to $190.0 million. "Standard & Poor’s completed the best year in its history with a record fourth-quarter performance," Harold McGraw III, McGraw-Hill’s chairman-president-CEO, said in a statement. "The fourth quarter was also the biggest and most profitable of the year for our Information and Media Services segment—the result of an improvement in advertising." Revenue for the company’s b-to-b group—which includes BusinessWeek, construction, energy, and health care products and services—increased 1.0% to $206.8 million in the fourth quarter compared with the same period last year. For 2004, revenue for unit grew 2.4% to $685.7 million.

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