McGraw-Hill Airs 24% Hike In Broadcast Revs
Broadcast revenues rose 24% to $25.3 million -- all from higher national, local and political advertising -- during the second quarter pf 2010.
Education publishing results help the company overall: Net income was up 16.4% to $191.1 million. Revenue was up 0.6% to $1.5 billion.
"Solid results in the U.S. college and university market, a strong performance by Standard & Poor's indices, and strength in the global energy information market helped offset some softening in credit market services in the second quarter," said Harold McGraw III, chairman, president and CEO for The McGraw-Hill Companies. "Our operating margin improved by 340 basis points to 24.7%."
The company expects a steady market in the educational publishing segment. McGraw believes the U.S. college and university market will grow 5% to 7% this year.
Revenue for Standard & Poor's Investment Services grew by 4.9% to $227 million.
But McGraw's information and media division -- essentially its magazine publishing business -- continues to suffer: Revenue dropped 5.1% to $224.2 million compared to the same period last year, but grew by 7.4% excluding the divestiture of BusinessWeek.