McGraw-Hill's earnings and revenues climb

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New York--In a change from the typical doom and gloom in publishing these days, McGraw-Hill Cos. reported a rise in third-quarter earnings Wednesday as the company's education and financial services businesses helped insulate it from the downturn in advertising. McGraw-Hill, publisher of Business Week, said it anticipated revenue growth for this year of 6% to 8%. The company reported third-quarter net income of $239.5 million, or $1.22 a share, compared with profits of $215.6 million, or $1.10 a share, in the same period last year. Analysts had been expecting the publisher to post third-quarter earnings of between $1.16 and $1.25 a share, with a consensus estimate of $1.19 a share, according to Thomson Financial/First Call. The company had warned at the beginning of October that its third-quarter earnings would be lower than expected amid the precipitous drop in the economy and the ad market.
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