American Forest & Paper Association (AF&PA) President and CEO Donna Harman today issued the following statement supporting Rep. Dan Benishek’s (R-MI) introduction of a bill to require the Internal Revenue Service (IRS) to mail paper forms to any individual who filed a paper return for the preceding taxable year. “Taxes are a necessary, and sometimes painful, part of life. People should at least be able to choose the manner in which they receive information and services from the federal government. The rush to digitize government interaction is shortsighted and disenfranchises too many Americans. Representative Benishek’s bill is an important part of putting such a decision back in the hands of each citizen, rather than the IRS imposing digital-only access as a one-size-fits-all requirement for all taxpayers.
Revenue Increased 5%; Excluding Foreign Exchange Impact, Revenue Increased 7%
Diluted EPS from Continuing Operations Increased 35% to $0.92
Adjusted Diluted EPS from Continuing Operations Increased 16% to $1.19
Operating Margin Increased 210 Basis Points to 31.0%
Adjusted Operating Margin Increased 230 Basis Points to 39.9%
2015 Adjusted Diluted EPS Guidance Increased to a Range of $4.45 to $4.50
Strategic Alternatives for J.D. Power Under Consideration
McGraw Hill Financial, Inc. (NYSE: MHFI) today reported third quarter 2015 results with revenue of $1.32 billion, an increase of 5% compared to the same period last year. Net income and diluted earnings per share from continuing operations were $252 million and $0.92, respectively.
Adjusted net income from continuing operations increased 16% to $325 million and adjusted diluted earnings per share from continuing operations increased 16% to $1.19. The adjustments in the third quarter of 2015 were associated with an estimated provision for potential legal settlements primarily in Australia, transaction costs related to the SNL acquisition, partially offset by insurance recoveries related to legal settlements.
“The performance in the quarter demonstrates the balance across the portfolio as the Company continued to deliver solid revenue growth, margin expansion and adjusted EPS growth during the third quarter despite a significant decline in global bond issuance,” said Douglas L. Peterson, President and Chief Executive Officer of McGraw Hill Financial. “This year’s margin expansion is the result of top-line growth and a concerted focus across the Company to deliver on our productivity targets. As we look to continue to build shareholder value, we are ever more excited with the addition of SNL and the synergy potential with S&P Capital IQ and Platts to create an offering that is distinctive and essential to the global financial markets. Lastly, we remain committed to actively repurchasing our shares – having repurchased 4.9 million shares in the last nine months.”