McGraw-Hill revises targets after economic downturn
McGraw-Hill, the college and professional publisher, has revised its growth targets for its third quarter in the face of poor economic conditions in the US. Revised earnings-per-share growth was set at between 13% and 15%, and a new sales growth target of between 8% and 10% has been cited.
Harold McGraw-Hill III, chairman, president and c.e.o., said: "The growing economic weakness, exacerbated by the terrorist attacks on the US, has influenced all three operating segments [Educational and Professional Publishing, Financial Services, and Information and Media] in varying degrees."
Shares in the company fell by $6.40 (£4.60) to $50.50 (£36). A knock-on effect was felt in the share price of Pearson, which slid to a five-year low of 645p.
Shares in the company fell by $6.40 (£4.60) to $50.50 (£36). A knock-on effect was felt in the share price of Pearson, which slid to a five-year low of 645p.
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