MHP's Q3 2009 earnings fell 14% from $390 in the prior year quarter to $336 million in 2009. The company earned $1.07 per share, which was two cents better than analysts had predicted.
MHP sold BusinessWeek, a magazine that it had been producing for nearly 8 decades, to Bloomberg for around $5 million.
A judge ruled that MHP's rating agency over ratings they assigned to certain investments. The compnay, along with Moody's and Morgan Stanley, face a lawsuit from King Country in Washington State and Abu Dhabi Commercial Bank claiming that the agencies hid the risk of investing in a fund that purchased bonds backed by subprime mortagages.
In FY2008, MHP's net income decreased 21.1% to $799.5 million, and EPS was $2.54 compared to $2.94 for 2007. However, MHP's Investment Services division as well as the K-12 School Education division produced double-digit revenue gains in 2008, which cushioned the effect of the soft retail environment and recessionary pressures in 2008. Outlook on 2009 remains positive as MHP has taken many cost reduction strategies in 2008, aiming for better performance in 2009.
McGraw-Hill announces 15M share buyback, sending the stock higher.
MHP profit doubles on strong results from S&P thanks to rising credit demand.
Morningstar (MORN) acquires S&P's mutual fund database in a transaction with undisclosed terms.
