McGraw-Hill beats forecast

City A.M. Reporter
MCGRAW-Hill posted a higher-than-expected first-quarter adjusted profit last night, as its Standard & Poor’s ratings service generated more revenue from corporate and structured debt issuance.

The company, which is fighting a $5bn fraud lawsuit lodged by the US government, reaffirmed its 2013 forecast for an adjusted profit of between $3.10 and $3.20 per share.

Net income from continuing operations fell to $153m (£98.5m), or 54 cents per share, from $158m, or 56 cents per share, a year earlier.

Total revenue at the firm rose 14 per cent to $1.18bn.