IPG Posts Q1 Profit; Sees High End Of FY Organic Revenue Growth View

(RTTNews) - Interpublic Group of Companies, Inc. (IPG) reported that its first quarter 2016 net income available to common stockholders was $5.4 million or $0.01 per share, compared to net loss of $1.8 million or break-even per share last year. Analysts polled by Thomson Reuters expected the company to report break even per share for the quarter. Analysts' estimates typically exclude special items.

In the pre-market, IPG is currently trading at $23.95, up $0.52 or 2.22 percent.

"We are pleased to report another quarter of very strong performance, driven by solid contributions from across the portfolio. Our results reflect growth with existing clients, as well as new business wins, and strength in all geographic regions, led by notable domestic performance," said Michael I. Roth, Interpublic's Chairman and CEO.

First quarter 2016 revenue was $1.74 billion, compared to $1.68 billion in the first quarter of 2015, with an organic revenue increase of 6.7% compared to the prior-year period. This was comprised of an organic increase of 8.3% in the U.S. and 4.3% internationally. Wall Street expected revenues of $1.71 billion.

The company stated it is well-positioned to achieve high end of 2016 organic revenue growth target of 3% - 4% and to expand full-year operating margin by 50 bps or better.