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NEW YORK–Interpublic Group on Wednesday lowered its forecast for earnings per share both for the third quarter and the year.
For 2002, IPG now projects earnings per share in the $0.85-$0.90 range, down significantly from a previous forecast of $1.25-$1.35. And for the third quarter, the company expects earnings of $0.08 to $0.10 per share, down from a Wall Street consensus of $0.28 cents per share.
Separately, IPG said that, based on a thorough review, it is revising its estimate of an accounting imbalance that previously surfaced at McCann-Erickson units in Europe.
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