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Non-Tech : EARNINGS REPORTING - surprises, misses & more
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To: SusieQ1065 who wrote (758)2/19/2002 10:29:18 PM
From: SusieQ1065  Read Replies (1) of 762
 
TMP Worldwide (TMPW) 31.91 -2.57: TMP Worldwide Inc. is an online recruitment leader with the world's largest Recruitment Advertising agency network, and one of the world's largest Executive Search & Executive Selection agencies. The key asset at TMPW is Monster which has been an internet success story but appears to be facing slower growth in a challenging economic environment. The stock is down another $2 in the after hours session as the company reported in-line results, but warned for the current quarter. TMPW sees EPS of $0.13-$-0.16 (consensus $0.22). For FY02, management reduced its outlook to $1.35-$1.40 (consensus $1.46). This is another blow for TMPW which has been having a weak 2002 thus far as the stock was at nearly $50 in early January. Earlier this month, TMP Worldwide's accounting was questioned by Forbes. Specifically, the article said that the company incurs a lot of 'one-time' merger and integration expenses that it glosses over to make results look better. For example, the company seemed to selectively recognize a merger cost to boost Q3 earnings growth to 35% from what should have been 9%, according to the article. In fairness, TMPW called the statements inaccurate and irresponsible. The author even recommended shorting the stock. The stock is off 25% since then. This warning is not going to help....The company has a solid balance sheet, but growth is slowing and competition in the online recruiting market is intense. TMPW has the financial strength to be around a long time, but the question is whether its growth rate justifies a p/e over 20x. -- Robert J. Reid, Briefing.com
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