McGraw-Hill has lowered its guidance for full-year revenues and earnings, citing weakening advertising revenues in titles such as Business Week and slower than expected benefits from stimulus spending on the US school market for its educational materials.
The owner of Standard & Poor’s and Platt’s now expects revenue to decline 5.5 to 6.5 per cent in 2009, rather than its previous 4 to 5 per cent forecast. Earnings per share now appear likely to come in “at the low end” of the $2.20 to $2.25 range before restructuring charges, it said, rather than between $2.20 and $2.30.
