Textbook and magazine publisher McGraw-Hill ( MHP) saw earnings tumble more than 22% in the first quarter and warned that revenue will be worse in 2009 than it had previously expected.

The company, which owns BusinessWeek magazine as well as Standard & Poor's, said it expects full-year 2009 revenue to fall by 4% to 5%, wider than the 1% to 2% range it had earlier anticipated. But the company added in a press release that it's maintaining its previous earnings-per-share guidance of $2.20 to $2.30.

In the first quarter, McGraw-Hill reported net income of $63 million, or 20 cents a diluted share, above analysts' estimates of 18 cents, but well below the year-earlier period's $81.1 million and EPS of 25 cents. Revenue fell 5.7% from a year ago to $1.1 billion.

The company blamed the poor results on slow elementary-through-high school textbook purchases, weak advertising revenue at its print periodicals and a drop-off in new transactions in the structured-finance markets, which directly impacts results at Standard & Poor's. Revenue at the company's Financial Services unit, which includes S&P, tumbled 5.3% in the quarter to $610.2 million.
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