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Profits for Power Parent
Publisher McGraw-Hill, parent of auto research leader J.D. Power and Associates, has announced third quarter results with net income up 18.2% to $452.0m and revenue growing 9.8% to $2.2 billion, both positively affected by foreign exchange rates.
Revenue at the Business-to-Business Group, which includes J.D. Power and Associates, increased a modest 3.2% to $228.5m - the research firm's proprietary services in international markets were said to have performed strongly.
McGraw-Hill's net income for the first nine months rose to $872.9m, while revenue for the first nine months grew by 11.6% to $5.2bn.
Harold McGraw III, Chairman, President and CEO of The McGraw-Hill Companies, which also includes financial information firm Standard & Poor's, said the group was 'still on course to produce double-digit earnings per share growth in 2007'. However, he warned that fourth quarter revenues and earnings would not match last year's due to 'challenging conditions in the structured finance market and some softness in education.'
Founded in 1888, the group has more than 280 offices in 40 countries and in 2006 had sales of $6.3 billion. Web site: www.mcgraw-hill.com.
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