Consolidated revenues for the second quarter marginally increased to $1.47 billion from $1.46 billion reported in the prior-year quarter. For the second quarter, net income increased 15.7% to $194.25 million from $167.89 million in the previous year. Net income attributable to the company was $191.08 million or $0.61 per share, higher than $164.09 million or $0.52 per share in the prior year.
Revenue for the company financial services segment (S&P) increased by 1.6%, but operating profit declined 4.2% affected by a loss from the divestiture of Vista Research. Strong performance by Standard & Poor’s indices offset the weakness in S&P’s credit Market Services.
Information & Media segment revenues declined, but they grew excluding the divestiture of BusinessWeek. Segment operating profit surged year-over-year, reflecting a growth in global energy products, BusinessWeek divestiture, and a pickup in television advertising. The company completed the divestiture of BusinessWeek to Bloomberg on December 1, 2009.
Within the education segment, revenue for the McGraw-Hill Higher Education, Professional and International Group grew by 10.8%. The company noted that for this group, the continuing impact of higher enrollments, which surged last fall, and double-digit growth in digital products and services produced an outstanding performance in the U.S. college and university market. Source: McGraw-Hill Companies