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The McGraw-Hill Companies (NYSE:MHP) recently reported net income for the second quarter of 2009 decreased 22.7% to $164.1 million compared to the same period last year. Revenue in the second quarter decreased 12.4% to $1.5 billion. "Strength in U.S. higher education, the global corporate bond market and at Platts, our worldwide energy information service, were offset by softness in the elementary-high school market, structured finance and advertising in the second quarter," said Harold McGraw III, Chairman, President and Chief Executive Officer of The McGraw-Hill Companies. "In the face of challenging economic conditions, we reduced costs and expenses by 9.5% in the second quarter. Cost containment will be a priority all year.” "In view of weakening market conditions in advertising and school education, we now expect revenue to decline 5.5% to 6.5% in 2009. Previously, we had anticipated a decrease of 4.0% to 5.0%. We are also refining our guidance for earnings per diluted share. Previously, the range was $2.20 to $2.30. With continued tight cost controls, the new forecast is $2.20 to $2.25, excluding the second quarter restructuring charge and the divestiture of Vista Research, although it appears we will come in at the low end of the range” Mr. McGraw stated.
Founded in 1888, The McGraw-Hill Companies is a leading global information services provider meeting worldwide needs in the financial services, education and business information markets through leading brands such as Standard & Poor's, McGraw-Hill Education, BusinessWeek and J.D. Power and Associates. The Corporation has more than 280 offices in 40 countries. Sales in 2008 were $6.4 billion.
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