Interpublic Q4 Profit Down, Misses View

(RTTNews) - Interpublic Group of Companies, Inc. (IPG) Friday reported a decrease in its net income for the fourth quarter, reflecting a restructuring charge, despite an increase in total revenue.

Net income available to IPG common stockholders was $193.1 million or $0.44 per share, compared with $313.3 million or $0.68 per share last year. The company said its fourth-quarter results included a pre-tax charge of $60.6 million for restructuring, primarily related to Continental Europe.

Excluding the impact of the charge, the company reported earnings of $0.56 per share. On average, fourteen analysts polled by Thomson Reuters expected the company to report earnings per share of $0.58 for the quarter. Analysts' estimates typically exclude one-time items.

Total revenue, however, increased 2.9 percent to $2.12 billion from last year's $2.06 billion. Analysts had expected the company to generate revenues of $2.12 billion for the quarter.

In addition, the company said its board has authorized a new program to repurchase, from time to time, up to $300 million of its common stock. Also, the company declared a cash dividend of $0.095 per share, an increase of 27 percent.