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McGraw Hill CEO on His Company and Economy

October 26, 2009 | About:
(GuruFocus, October 26, 2009) McGraw Hill (MHP) reported quarterly earning this morning. Net income came in at $1.07 per share, beating street view by about 2 cents per share. Revenue fell 8.4 percent to $1.88 billion, lagging a forecast of $1.94 billion.

CEO Terry McGraw III appeared on Fox Business News discussing the publisher's results and outlook for the company.

Commenting the recent sale of BusinessWeek to Bloomberg and his merger and acquisition strategy, McGraw remarked “ it is all about go digital, and go international”.

The parent company of S&P also faces questions on the future of the rating agency. He thinks the rating business has already changed. Standard & Poor's posted its first quarterly revenue increase since the third quarter of 2007.

CEO McGraw cited survey results on the growth expectation for the US economy. According to his survey, GDP for 2009 will be down about 2.9%, but there will be growth for Q3 and Q4. 2010 will see about 1.8% growth, slower than typical rate of growth at this time of the recovery. Growth rate has to be at least 2% in order for the unemployment rate to drop.

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MHP was owned by Tom Gayner, Jean-Marie Eveillard, Ruane Cunniff, Brian Rogers, John Keeley and Michael Price.

There has been no insider transaction since 2008.

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