The McGraw-Hill Companies (NYSE: MHP) reported record revenue of $1,331 million in the first quarter, an increase of 6% compared to the same period last year. Net income from continuing operations was $123 million and diluted earnings per share were $0.43. Excluding the impact of one-time costs related to the Growth and Value Plan, adjusted net income from continuing operations increased 19% to $144 million and adjusted diluted earnings per share increased 30% to a record of $0.51. This increase was primarily due to strong growth in Commodities & Commercial (revenues up 13%) and S&P Capital IQ / S&P Indices (Revenues up 9%. S&P Ratings were up 5% while Education was down 2%.
Compared to the S&P Ratings segment the S&P Capital IQ business of integrated Desktop Solutions, Enterprise Solutions, and Research & Analytics, is a star performer with an increase in revenues of 10% to $274 million. Growth in subscription and platform enhancements enabled S&P Capital IQ to gain share and increase its number of clients to more than 4,000, up 11% compared to 2011. S&P Capital IQ is catching up in size.
The company stated that it continues to make progress on the Growth and Value Plan and remains on track to establish two separate industry leaders by year-end.
Source: McGraw-Hill Companies Press Release