McGraw-Hill posts improvement, but TV still soft


The McGraw-Hill Companies had good news for shareholders. Q4 diluted earnings per share were up 43.2% from a year ago to 53 cents per share. That was the first year-over-year improvement in quarterly EPS since Q3 of 2007.

“Continued recovery in the corporate new issue market here and overseas at Standard & Poor’s Credit Market Services and an upswing in higher education, professional and international markets enabled us to finish 2009 positively and set the stage for more growth in 2010,” said CEO Terry McGraw.

The company’s small TV operation was not a contributor to the quarterly improvement. Revenue for the Broadcasting Group decreased 26.6% to $23.3 million and was off 24.2% to $81.1 million for the year. National and local-time sales declined in the fourth quarter. “The absence of political advertising in a non-election year was the biggest factor in the decrease in both fourth quarter and full year results,” the company said.