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Ad Spending Boosts McGraw-Hill for Q3

Oct 21, 2004  •  Post A Comment

McGraw-Hill Cos.’ four ABC-affiliated stations reported a 9 percent increase in revenue in the third quarter, buoyed by political advertising spending and robust local advertising sales.

The four stations-located in Indianapolis, Denver, San Diego and Bakersfield, Calif.-booked $27 million in revenue in the period, helping the information and media services division, of which the station group is a part, post a 7 percent gain in revenue to $187.8 million and a 23 percent rise in operating profit to $23.8 million.

The division’s results helped the overall company book a 12 percent hike in profit for the third quarter to $324.5 million, or $1.71 a share, compared with $290.3 million, or $1.52 a share, a year ago. Revenue advanced 6 percent to $1.7 billion.