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The Interpublic Group of Companies (IPG) - Get Interpublic Group of Companies, Inc. Report, the second-biggest advertising company in the world, reported a 27% surge in first-quarter profits Wednesday and topped analyst estimates by 2 cents.

New York-based Interpublic Group, parent of agencies that include

McCann-Erickson WorldGroup

and the

Lowe Group

, earned $57.1 million or 20 cents a diluted share compared with $44.8 million or 16 cents a share a year earlier. Analysts surveyed by

First Call/Thomson Financial

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had projected earnings of 18 cents per share. Revenue increased 20% to $1.1 billion.

Interpublic Group credited new business, acquisitions and cost containment for its better-than-expected results. Interpublic said business from its new accounts rose 17% to $702 million from $601 million a year ago.

Interpublic Group shares rose 2 15/16, or 7%, to 42 5/8 in midday trading. (Interpublic Group closed up 1 9/16, or 4%, at 41 1/4.)

New York-based

Omnicom Group

(OMC) - Get Omnicom Group Inc Report

, the world's biggest-advertising company, reported strong quarterly results Tuesday.