NEWS: Interpublic Group of Cos. said Friday that its third-quarter net income declined 34 percent, pulled down by a charge.
The results missed analysts' expectations and the stock fell in morning trading.
DETAILS: The company, which owns advertising and marketing agencies, said that the quarter included a $45.2 million charge tied to the early extinguishment of senior notes due 2017.
NUMBERS: For the three months ended Sept. 30, Interpublic's net income after preferred dividends was $45.4 million, or 11 cents per share. That's down from $68.7 million, or 15 cents per share, a year earlier.
Stripping out the charge, earnings were 17 cents per share.
Revenue rose 2 percent to $1.7 billion from $1.67 million, with U.S. revenue rising while international revenue edged down slightly.
Analysts predicted earnings of 18 cents per share on revenue of $1.71 billion, according to a FactSet poll.
STOCK: The shares dropped 78 cents, or 4.5 percent, to $16.11 in late morning trading. Its shares are still up 45 percent so far this year.