Interpublic Q4 Adj. EPS Tops Estimates; Boosts Dividend 7%
(RTTNews) - Interpublic Group of Cos., Inc. (IPG) reported Thursday that net income available to IPG common stockholders for the fourth quarter declined to $297.2 million or $0.76 per share from $357.9 million or $0.90 per share in the prior-year quarter.
Excluding items, adjusted earnings for the quarter were $1.02 per share, compared to $0.97 per share in the year-ago quarter.
Total revenue for the quarter increased 1.8 percent to $2.99 billion from $2.93 billion in the same quarter last year. Net revenue was flat with last year at $2.51 billion. Organic net revenue growth was 3.8 percent.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $1.01 per share on revenues of $2.55 billion for the quarter. Analysts' estimates typically exclude special items.
Looking ahead, CEO Philippe Krakowsky said, "We expect organic net revenue growth for 2023 of 2% to 4%, on top of our very strong multi-year performance, and to further expand our adjusted EBITA margin to 16.7% for the full year."
The Company also announced that its Board of Directors has declared a 7% higher common stock cash dividend of $0.31 per share, payable quarterly to holders of record on an ongoing basis. It also announced an additional authorization amount of $350 million to share repurchase program.
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