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Interpublic 3Q results hurt by charge, miss view

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The Associated Press | October 18, 2013 11:11 AM EST | AP


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.