Interpublic Group Q2 Profit Increases

(RTTNews) - Interpublic Group of Companies Inc. (IPG) reported that its net income available to common stockholders for the second-quarter increased to $145.8 million or $0.37 per share from $107.7 million or $0.27 per share last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.43 per share for the quarter. Analysts' estimates typically exclude special items.

Net revenue of $1.95 billion in the second quarter of 2018 increased 6.2% compared with the same period in 2017. Wall Street expected revenues of $1.91 billion. During the quarter, the effect of foreign currency translation was positive 1.4%, the impact of net divestitures was negative 0.8%, and the resulting organic net revenue increase was 5.6%. Total revenue of $2.39 billion in the second quarter of 2018 increased 9.4% compared with the same period in 2017.

The company increased full year target for organic net revenue growth to range of 4.0% to 4.5%, and maintains target of 60-70 basis points of net operating margin expansion.