New York, NY, United States (4E) – McGraw Hill Financial Inc. reported 9 percent rise in first-quarter profit from continuing operations due to strong performance in its fast- growing indexes division, which helped offset weakness in Standard & Poor’s Ratings Services.
Profit was $248mn or 89 cents per share, compared with $735mn or $2.59 per share in the year-earlier period, which included a gain of $612mn from the sale of discontinued operations, according to the New York-based company.
Excluding special items, earnings from continuing operations were 89 cents per share, up from 80 cents in the previous year. First-quarter revenue climbed 4.7 percent to $1.2bn, according to McGraw Hill. Analysts forecast adjusted earnings of 87 cents per share on $1.24bn revenue.
The company also maintained its per-share earnings guidance for the entire year at $3.75 to $3.85.
The S&P Ratings division said revenue rose 1 percent to $569mn due to slow start in global debt issuance this year. Revenue at S&P Dow Jones Indices grew 18 percent, and Platts rose 14 percent.
McGraw Hill also plans to cut $100mn in costs over the next three years.