Interpublic Q2 Results Top Estimates
(RTTNews) - Interpublic Group of Cos., Inc. (IPG) reported Wednesday that net income available to IPG common stockholders for the second quarter declined to $214.5 million or $0.57 per share from $265.5 million or $0.68 per share in the prior-year quarter.
Excluding items, adjusted earnings for the quarter were $0.61 per share, compared to $0.74 per share in the year-ago quarter.
Total revenue, which includes billable expenses, for the quarter grew 1.6 percent to $2.71 billion from $2.67 billion in the same quarter last year. Net revenue edged down 0.1 percent to $2.33 billion. Organic net revenue growth was 1.7 percent.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.59 per share on revenues of $2.33 billion for the quarter. Analysts' estimates typically exclude special items.
Looking ahead, CEO Philippe Krakowsky said, "Given results in the year to date, trends within our client roster, and macro sentiment, we expect to achieve full-year organic growth of approximately 1%......."
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