Interpublic Slips To Loss In Q2; Results Beat View

(RTTNews) - Interpublic Group of Companies Inc. (IPG) reported a second-quarter net loss available to common stockholders of $45.6 million or $0.12 per share, compared to net income of $169.5 million or $0.43 per share in the previous year.

Adjusted earnings were $0.23 per share, compared to adjusted earnings of $0.46 per share a year ago. Analysts polled by Thomson Reuters expected the company to report earnings of $0.20 per share for the quarter. Analysts' estimates typically exclude special items.

Second quarter 2020 adjusted earnings excluded after-tax amortization of acquired intangibles of $17.6 million, after-tax restructuring charges of $87.2 million, an after-tax loss of $19.9 million on the sales of businesses and a charge of $10.0 million from a discrete tax item.

Second quarter 2020 net revenue was $1.85 billion, compared to $2.13 billion in the second quarter of 2019. Analysts expected revenues of $1.73 billion. The organic net revenue decrease was 9.9%, while the effect of foreign currency translation was negative 2.1%, and the impact of net dispositions was negative 0.8%.

Second quarter 2020 total revenue, which includes billable expenses, was $2.03 billion, compared to $2.52 billion in 2019.