McGraw-Hill Profit up 18 Percent on Textbook Sales
By: Reuters
McGraw-Hill reported an 18 percent rise in third-quarter profit on Thursday, helped by rising textbook sales and strong growth in international bond ratings at its Standard & Poor's unit.
The New York-based company said earnings were $452 million, or $1.34 a share, compared with $382.3 million, or $1.06 a share, in the same quarter last year.
Revenue rose 9.8 percent to $2.2 billion.
Revenue in the education segment increased 9.9 percent to $1.2 billion, while revenue in the financial services segment, which includes Standard & Poor's, grew 12.5 percent to $759.6 million.
McGraw-Hill reported an 18 percent rise in third-quarter profit on Thursday, helped by rising textbook sales and strong growth in international bond ratings at its Standard & Poor's unit.
