Growth in automotive and service time sales and an increase in retransmission revenue offset the anticipated decline in political advertising in a non-election year.
QUARTERLY REPORT
McGraw-Hill TV Revenue Up 10% In 1Q
The McGraw-Hill Companies today reported that its Broadcasting Group’s revenue grew by 10.2% to $20.6 million in the first quarter compared to the same period last year.
The company said that growth in automotive and service time sales and an increase in retransmission revenue offset the anticipated decline in political advertising in a non-election year.
The company as a whole reported diluted earnings per share of $0.39 for the first quarter of 2011, an 18.2% increase compared to $0.33 reported for the same period in 2010. Net income for the period increased 16.2% to $120.0 million; revenue grew by 7.7% in the first quarter to $1.3 billion.
“A promising year is off to a solid start,” said Harold McGraw III, chairman, president and CEO.
Read the company’s report here.
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