The broadcast group is a small part of the Information & Media segment at McGraw-Hill Companies, which in turn is a small part of the company’s total revenues and profits. Nonetheless, the four-station television group was a contributor to Q1 growth.
TV revenues were up 10.2% to $20.6 million in Q1. Revenues for the entire Information & Media segment grew 10.3% to $227.5 million and operating profit increased 34.5% to $37.4 million.
“A pick-up in automotive time sales and increased retransmission revenue contributed to McGraw-Hill Broadcasting’s 10.2% increase in the first quarter revenue,” said McGraw-Hill CEO Terry McGraw in his quarterly conference call with Wall Street analysts. That more than offset the loss of political revenue in a non-election year.
For all of 2011 revenues in the Information & Media sector are expected to rise in the mid-single digits. The company did not provide any specific guidance for the TV group.
Revenues for the entire company were up 7.7% to $1.28 billion in Q1. Net income grew 16.1% to $124.2 million and earnings per share increased 18.2% to 39 cents.