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