Interpublic Group of Companies Reports Q3 Results

NEW YORK – Interpublic Group of Companies (NYSE:IPG) reported third-quarter results that beat revenue expectations but met earnings estimates, as the advertising giant saw flat organic growth amid a challenging economic environment. The stock fell 3% following the release.

The company reported adjusted earnings per share of $0.70, in line with analyst estimates. Revenue came in at $2.63 billion, surpassing the consensus forecast of $2.3 billion. However, organic revenue growth was flat YoY.

Interpublic's net revenue, which excludes billable expenses, decreased 2.9% to $2.24 billion compared to the same period last year. The company said it saw solid contributions to growth from media services, sports marketing, data management, and public relations during the quarter.

"Net revenue in the third quarter was unchanged organically from the same period a year ago, which brings organic growth over the first nine months of this year to 1.0%," said CEO Philippe Krakowsky.

The company recorded a non-cash goodwill impairment charge of $232.1 million related to its digital specialist agencies and the sale process for R/GA and Huge.

Interpublic maintained its full-year 2024 target of approximately 1% organic growth and an adjusted EBITA margin of 16.6%.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.