USA: IBP reinforces 2001 earnings estimate
Senior management officials at IBP, inc. (NYSE: IBP) today reported they believe the company's 2001 earnings should meet previous estimates. "It is not common practice for us to issue earnings projections, however, given recent statements about the company's 2001 financial performance, we feel compelled to provide our perspective," according to Robert L. Peterson, IBP chairman and chief executive officer. "While a recent analyst projection of $0.12 per share in earnings for the first quarter is reasonable, we continue to believe 2001 earnings could be in the $1.80 to $2.20 per share range. This range is consistent with our previous estimate of $1.93 per share, which was included in IBP's preliminary LBO proxy last fall."
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