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Interpublic shares decline on earnings warning

Published on .

Interpublic Group of Cos. stock shares fell approximately 11 percent this morning after the company said today that it expects fourth quarter earnings per share of 44 to 46 cents, which is below previous industry estimates. First Call/Thomson Financial previously surveyed analysts who estimated average earnings for the company of 50 cents for the quarter.

Interpublic shares fell 7.46 percent at midday or $3 5/16 to $41 1/16.

In a statement, Interpublic said it was "comfortable" with 2000 earnings per share estimates of $1.49 to $1.51, compared to a restated $1.24 a share in 1999. For the first nine months of 2000, the company's earnings per share were $1.05, with the results of recent acquisitions including the purchase of independent agency Deutsch. Those results were restated from the previous $1.01 a share.

Copyright January 2001, Crain Communications Inc.

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