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McGraw Hill announces cost-savings goals

McGraw Hill Financial announced plans to seek out at least $100 million in cost savings over the next three years ahead of the company's investor day Tuesday, and said that it's exploring strategic options for its construction division.

McGraw Hill Construction has about $170 million in annual revenue, according to the company.

The parent company of ratings agency Standard & Poor's also reaffirmed its 2014 outlook for adjusted earnings between $3.75 and $3.85 per share. It still expects mid-single-digit revenue growth.

Analysts surveyed by FactSet are looking for earnings of $3.79 per share.

(Read more: Banks get A for effort, D for communication: Report)

For the three-year period from 2014 through 2016, the New York company anticipates mid-teens earnings per share growth and a revenue increase in the mid to high single digits.

The company said that to reach its cost-cutting goals, it has begun to trim its real estate holdings and is streamlining its organization.

McGraw Hill Financial sold its education publishing unit last year for $2.4 billion.

By The Associated Press

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