Dallas, Texas 10/21/2013 (Financialstrend) – On Friday, Interpublic Group of Companies Inc (NYSE:IPG) reported its Q2 earnings report. The company reported a sharp drop in its profit for the Q3 which has been attributed to the early-extinguishment of debt. Its adjusted earnings fell below Wall Street projection. There was a drop in net income; it stood at $45.4M or $0.11/share in comparison to the $68.7M or $0.15/ share that it stood at, in the previous year.
These latest results were inclusive of $45.2M of non operating pre-tax charge that is related to the early extinguishment of Interpublic Group of Companies Inc (NYSE:IPG)’s 10% senior notes that are due 2017.
Excluding this tax charge, the parent of agencies Draftfcb and McCann Erickson reported earnings of $0.17/share. There was a 1.8% rise in revenues to $1.7B from the previous year’s $1.67B. Analysts had projected the revenues of $1.71B for the quarter.
U.S. revenues rose 3.8% to $976.6M while International revenues dropped by 0.8% to $723.8M. In the Q3, Interpublic Group of Companies Inc (NYSE:IPG) repurchased 6.2M common stock shares at an aggregate-cost of $100.2M and the average price was $16.11/ share.
In Friday’s trading, Interpublic Group of Companies Inc (NYSE:IPG) dropped by 5.03%. The opening price of the shares was $16.30, which climbed to an intraday high of $16.42 and dipped to a close of $16.04. Approximately 21.95 million shares were traded on Friday while an average volume of 4.53 million shares were traded over a 30 day period. The 52-week low of Interpublic Group of Companies Inc (NYSE:IPG) shares is $9.38 and its 52-week high is $17.55. The company has a market capitalization of $7.05 billion.
About the company
Interpublic Group of Companies Inc (NYSE:IPG) is a global advertising & marketing-services company. It companies specialize in the fields of consumer-advertising, digital-marketing, communications-planning and media-buying, public-relations & specialized communications disciplines.