Running diaries simultaneously with the PPM in those nine markets is the reason for lower financial projections, Arbitron CEO Steve Morris said yesterday. Those projections are pegged at anywhere from 22-33% in 2008. Arbitron is now projecting earnings between 1.30 to 1.35 a share compared to previous guidance of 1.35 to 1.45.
Meanwhile, Arbitron shares tumbled Tuesday after the conference call. They settled at 15% lower to 41.70 yesterday after hitting a 52-week low of 34.81 earlier in the session. Bear Stearns downgraded the stock from outperform to peer perform.