McGraw-Hill reported first quarter earnings Tuesday morning, with some small updates on the company’s plan to spin off the education unit and save approximately $100 million in costs by the end of the year. The IRS is reported to have agreed to tax-free status for the spinoff, and McGraw-Hill will officially file certain details of the plan “in the coming weeks.” Adjusted net income from continuing operations–the measure the company would like Wall Street to focus on (which excludes one-time charges of about $33 million relating to the spinoff)–was $144 million, up 19 percent and ahead of estimates. Sales rose […]
