Interpublic Group Q3 Earnings Top Estimates

Interpublic Group Of Companies Inc IPG reported third-quarter FY22 sale growth of 1.5% year-on-year to $2.64 billion, beating the consensus of $2.29 billion. Organic increase of net revenue was 5.6% Y/Y.
Selling, administrative, and engineering expenses were $18.5 million versus $32.2 million last year.
Operating income for the quarter fell 2.8% to $341.8 million. Adjusted EBITA before restructuring charges amounted to $356.2 million, with a margin of 15.5% on net revenue.
Adjusted EPS of $0.63 beat the analyst consensus of $0.59.
As of September 30, 2022, cash and equivalents totaled $1.77 billion.
Outlook: Interpublic raised its FY22 organic revenue growth outlook to 7% from the previous 6.5%. IPG also reiterated its expectation for an adjusted EBITA margin of 16.6%.
Price Action: IPG shares are trading lower by 1.24% at $27.81 on the last check Friday.

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