WASHINGTON (dpa-AFX) - Interpublic Group of Cos., Inc. (IPG) reported Tuesday that net income available to IPG common stockholders for the third quarter plunged to $20.1 million or $0.05 per share from $243.7 million or $0.63 per share in the prior-year quarter.
Excluding items, adjusted earnings for the quarter were $0.70 per share, compared to $0.70 per share in the year-ago quarter.
Total revenue, which includes billable expenses, for the quarter declined 1.9 percent to $2.63 billion from $2.68 billion in the same quarter last year. Net revenue was down 2.9 percent to $2.24 billion. Organic net revenue was flat.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.70 per share on revenues of $2.30 billion for the quarter. Analysts' estimates typically exclude special items.
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