McGraw-Hill reports higher revenue, net income

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New York—McGraw-Hill Cos. said Tuesday that its first-quarter revenue totaled $1.2 billion, an increase of 3.7% from the year-earlier period. Net income increased 63.9% to $103.3 million in the first quarter.

McGraw-Hill said its Information & Media unit posted revenue of $206.2 million, a decline of 8.5%. However, excluding the divestiture of BusinessWeek, which McGraw-Hill sold to Bloomberg L.P. in December, revenue increased 4.3%.

The Information & Media unit’s b-to-b group, which includes McGraw-Hill Construction and Aviation Week & Space Technology, logged $187.5 million in first-quarter revenue, a decline of 9.5%. Excluding BusinessWeek, revenue increased 4.5%. Revenue growth at Platts helped buoy the group’s results.

“We are off to a good start, but the first quarter is also seasonally our smallest of the year,” Harold McGraw III, McGraw-Hill’s chairman and president-CEO, said in a statement. “Until we get greater visibility on trends in our key markets, we are maintaining our original guidance for 2010. We still expect diluted earnings per share of $2.55 to $2.65 for the year.”

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