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Interpublic today reported a one percent drop in Q3 revenues to $1.9B and a 5.3 percent gain in operating income to $219.1M.
CEO Michael Roth blamed IPG's skimpy 0.5 percent hike in organic growth on the negative impact of "broader trends that are being felt throughout much of the industry." Organic growth advanced 1.3 percent in the US, but fell 0.7 percent overseas.
Roth shaved full-year organic growth targets in half to the one-to-two percent range due to "client caution and the macro environment," according to his statement
He's confident of growth over the long-term because IPG's "agencies and talent across the portfolio remain among the best in their respective disciplines."
IPG's constituency management group suffered an 8.7 percent drop in revenues to $382.4M during the quarter. Organic revenues slid five percent.
The PR portion of CMG, which includes Weber Shandwick, DeVries, Creation, Current and Golin, showed a more upbeat performance.
Andy Polansky, CEO of WS, told O'Dwyer's the PR group showed a "slight decrease" during Q3 and was "slightly up" for the year.
WS, added Polansky, was "slightly down" from a tough comparison, though it posted solid gains in the corporate, healthcare and digital sectors.
WPP reported a 5.5 percent decline in Q1 PR revenues to $292M as its BCW and Hill & Knowlton units suffered the loss of Pfizer assignments, and cutbacks in client spending due to the economic uncertainty.
Interpublic CEO Philippe Krakowsky said the firm is off to a “solid start to the year” as its flat $2.2B net revenues are in line with 2024 financial targets.
Why financial planning always plays a crucial role in every PR firm’s success.
Omnicom CEO John Wren reports Q1 revenues jumped 5.4 percent to $3.6M, powered by a solid 7.0 percent rise in its advertising & media segment.
Public Policy Holding Company registered 24.1 percent growth to a record $135M during the past year, which included the results of the March 1 acquisition of Multistate Assocs.
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