Interpublic Q3 Earnings Surpass Street View, Boosts FY21 Outlook

  • Interpublic Group Of Companies Inc IPG reported third-quarter FY21 net revenue growth of 15.7% year-on-year, to $2.26 billion, beating the analyst consensus of $2.17 billion.
  • Total revenue, including billable expenses, totaled $2.54 billion, up 19.6% from $2.13 billion last year.
  • Organic net revenue growth was 15.0% versus last year, with the two-year organic increase at 10.7% relative to 3Q19.
  • Organic net revenue increased 14.7% in the U.S. and 15.4% internationally.
  • Total operating expenses increased 16.7% to $2.19 billion. Selling, administrative, and engineering expenses were $32.2 million.
  • Operating income for the quarter grew 41.4% to $351.5 million, with an operating margin of 15.5%.
  • Adjusted EBITA before restructuring charges amounted to $369.5 million, with a margin of 16.3%.
  • Adjusted EPS of $0.63 beat the analyst consensus of $0.49.
  • Interpublic held cash and equivalents totaled $2.49 billion as of September 30, 2021.
  • Outlook: Interpublic sees FY21 organic growth of 11.0% (prior view 9% - 10%) and an adjusted EBITA margin of about 16.8% (previous outlook 16%).
  • Price action: IPG shares are trading lower by 2.79% at $36.95 on the last check Thursday.
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