Business Services Industry
Shares of Financial Processing Firm Equifax Fall on Earnings Warning.
Knight Ridder/Tribune Business News, December, 1998 by McNaughton, David
Knight Ridder/Tribune Business News
Dec. 24 -- Equifax stock tumbled 22 percent Wednesday after the company said fourth-quarter earnings would be about 31 cents a share instead of the 41 cents expected by analysts.
The slide knocked $1.4 billion off Equifax's stock market value.
Equifax said about half of the earnings shortfall resulted from the fact managers in Europe included in fourth-quarter internal projections revenue that should not have been attributed to that period.
"While we are very disappointed with the developments in Europe, we immediately assessed the causes and impact and moved swiftly to make the appropriate management and process changes," Thomas F. Chapman, president and chief executive officer, said in a...
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