Earnings: McGraw-Hill 1Q Profit Almost Doubles As Revenues Rise As Well

McGraw-Hill (NYSE: MHP) reported net income for 1Q was $143.8 million, nearly double the $74.2 million profit reported in 1Q06. Revenue for the first quarter increased about 14 percent to $1.3 billion from $1.14 billion in 1Q06. Among its various business categories, McGraw-Hill also reported:

— Information & Media: 1Q revenue for this segment rose 4.1 percent to $235.9 million compared to the same period last year. Operating profit was $9.9 million, up from $1.7 million last year. The company noted that this area was helped by taking its construction industry print catalog Sweets from a primarily print property to a bundled print and online service. Sweets contributed $6.5 million in revenue and $5.8 million in operating profit to Information & Media’s performance in 1Q.

— B-to-B Group: Revenue in the quarter increased 7.5 percent to $212.2 million in this segment, which includes J.D. Power and Associates and BusinessWeek. Ad pages for BW’s global edition were off 3 percent in the quarter, though the company said BusinessWeek.com continues to improve its performance with increases in both advertising and unique visitors compared with the 1Q. It didn’t offer specifics.

Meanwhile, broadcasting revenue fell by 18.8 percent to $23.7 million in 1Q as both local- and national-time sales declined. McGraw-Hill cited programming changes, such as the loss of the Super Bowl and the decision not to renew the Oprah Winfrey show in two markets, as contributing to the category’s softness in a non-political year for advertising. Earnings release | Webcast

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