Interpublic Q4 Results Top Estimates
(RTTNews) - Interpublic Group of Cos., Inc. (IPG) reported Thursday that net income available to IPG common stockholders for the fourth quarter surged to $463.2 million or $1.21 per share from $297.2 million or $0.76 per share in the prior-year quarter.
Excluding items, adjusted earnings for the quarter were $1.18 per share, compared to $1.02 per share in the year-ago quarter.
Total revenue, which includes billable expenses, for the quarter grew 1.3 percent to $3.02 billion from $2.99 billion in the same quarter last year. Net revenue was also up 1.4 percent from last year at $2.59 billion. Organic net revenue growth was 1.7 percent.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $1.13 per share on revenues of $2.57 billion for the quarter. Analysts' estimates typically exclude special items.
Looking ahead, CEO Philippe Krakowsky said, "We expect organic net revenue growth for 2024 in a range of 1% to 2%, and full-year adjusted EBITA margin of 16.6%......."
The Company also announced that its Board of Directors has declared a 6 percent higher common stock cash dividend of $0.33 per share, payable quarterly to holders of record on an ongoing basis.
Further, the company's Board approved additional share repurchase authorization of $320 million.
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