McGraw-Hill ( MHP) reported an 8% rise in fourth-quarter net income as strength in its financial services division offset revenue declines within its educational and media operations.

The publishing conglomerate's income rose to $204.8 million, or 56 cents a share, from $189.3 million, or 50 cents a share, a year earlier. The earnings per share included 3 cents in charges for restructuring and 4 cents in charges tied to a change in revenue recognition.

Excluding these charges, earnings beat Thomson Financial's average analyst estimate of 59 cents.

The company, whose businesses include Standard & Poor's, Business Week and J.D. Power and Associates, said revenue climbed 3.4% to $1.59 billion from $1.54 billion. The growth was in line with Wall Street's target.

Revenue from financial services surged 22% to $794.1 million. In education, revenue slid 11% to $528.1 million, while media revenue declined 8.4% to $272.2 million.

McGraw-Hill attributed the financial division's strong performance to solid growth in equity and fixed-income information products, active merger activity within the corporate sector and rapid growth for collateralized debt in the structured market.

The company, citing continued strength in financial services and a rebounding education market, said it is poised for double-digit earnings growth in 2007.

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