The McGraw-Hill Companies profits dropped 23 percent in the second quarter, a decrease partly created by costs incurred from cutting 550 jobs in the education division this month.
The New York-based  company, which released its earnings report Tuesday, earned $164.1 million for the quarter ending June 30, down from $213.3 million a year ago.  
The job cuts, which did not impact the Dubuque McGraw-Hill facility, racked up a $24.3 million pre-tax restructuring charge.
“Strength in U.S. higher education, the global corporate bond market and at Platts, our worldwide energy information service, were offset by softness in the elementary-high school market, structured finance and advertising in the second quarter,” said Harold McGraw III, chairman, president and chief executive officer of The McGraw-Hill Companies, in a statement.
For more, turn to tomorrow’s Telegraph Herald.