Interpublic Rises Most Since 2009 After Higher Annual Revenue Forecast
Interpublic Group of Companies Inc., the second-largest U.S. advertising company, surged the most in 2 1/2 years after forecasting full-year organic revenue growth of 4 percent to 5 percent, or better.
Shares of New York-based Interpublic rose 11 percent to $9.92 at the close in New York, the most since March 23, 2009. The stock has dropped 6.6 percent this year.
Chief Executive Officer Michael Roth cited higher third- quarter profit from operations in the U.S. and emerging economies as well as “significant contributions” from digital advertising. The company expects an operating margin of 9.5 percent for the year, or better, according to a statement.
Third-quarter net income rose to $208.1 million, or 40 cents a share, from $42.4 million, or 8 cents, a year earlier. Excluding the benefit of the sale of its stake in Facebook Inc., profit totaled 16 cents a share, beating the average estimate of 10 cents from 15 analysts surveyed by Bloomberg.
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