Through TheFLY's Eyes: McGraw-Hill
McGraw-Hill Posts A Solid Q2
McGraw-Hill (MHP) said Q2 EPS rose to 60c, compared to 51c a year ago, and the Reuters consensus estimate of 52c. Further, Q2 revenue increased 5% to $1.53B, in-line with the consensus estimate.
McGraw’s shares moved substantially higher on the news, up about 5.9% or $2.91 to $53.31 in afternoon trading Tuesday.
McGraw said results were boosted by strong performances from its ratings service business, Standard & Poor’s, as well as from its U.S. college/university market, and from cost containment. The company added that ratings and services not tied to the new issue market particularly benefited Standard & Poor’s - a development many sector analysts had expected - given the surging corporate rating/services market.