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McGraw-Hill Reports Q2 Results

Jul 27, 2004  •  Post A Comment

McGraw-Hill Cos., the New York-based publishing and information services company that owns four ABC affiliates, on Tuesday reported a 17 percent jump in second-quarter profit to $165.6 million, up from a year-earlier profit of $142 million. The company’s financial services and education groups, in addition to increased political advertising at the TV stations, drove the results.

On a per-share basis, McGraw-Hill’s profit was 86 cents, versus 74 cents a year ago.

Revenue rose 5 percent to $1.23 billion.

The company said its broadcast group posted a nearly 4 percent increase in revenue to $28 million, fueled in large part by improvements in local ad sales in its markets as well as a bounce from political advertising spending.