The McGraw-Hill Companies (MHP) reported first-quarter income from continuing operations of $174 million or $0.54 per share, compared to $163 million or $0.56 per share last year. Net income attributable to The McGraw-Hill Companies was $735 million or $2.59 per share, compared to $123 million or $0.43 per share last year. Revenue increased to $1.18 billion from $1.04 billion last year.
The company noted that the McGraw-Hill Education business was classified as a discontinued operation and its results are excluded from continuing operations. Net income from discontinued operations in the first quarter was $582 million. Net income includes a net gain on the sale of $612 million.
Performance profit per share was $2.85 compared to $0.51 last year. Performance profit per share from continuing operations was $0.80 compared to $0.62 last year.
On average, six analysts polled by Thomson Reuters expected the company to report profit of $0.73 per share for the quarter. Analysts' estimates typically exclude special items. Analysts expected revenue of $1.17 billion for the quarter.
The company said its outlook for 2013 adjusted profit per share remains unchanged at $3.10 to $3.20. Analysts expect the company to report fiscal 2013 profit per share of $3.19.
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