Interpublic reported Q1 net revenue dropped 2.3 percent to $2.2B. Organic revenues dipped 0.2 percent compared to a 11.5 percent rise in last year’s period.
CEO Philippe Krakowsky said softness in areas such technology offset good performances in healthcare, media and data-informed practices.
He said Q1 financial results are “consistent with our internal forecast of pacing for the full year, both overall and across each of our operating segments.”
Interpublic’s specialized communications and experiential solutions unit, which includes Weber Shandwick, Golin, Current Global, R&CPMK, DeVries Global, Jack Morton, Momentum, and DXTRA Health) posted 1.2 percent growth to 340.5M. It was up 3.3 percent organically.
Operating income during the quarter plummeted 23.4 percent to $188.3M. IPG spent $77.8M to purchase 2.2M shares at the average price of $35.50. Shares are currently trading at $34.90.
Krakowsky projects full-year organic growth will fall in the midpoint of a two-to-four percent range.
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