Interpublic reports better-than-expected revenue

Reuters: Advertising company Interpublic Group of Cos Inc’s revenue trumped expectations for the seventh straight quarter as higher advertising spending by US businesses made up for the strong dollar’s impact on international revenue.

US revenue increased about 8% while international revenue dropped about 7% in the second quarter ended 30 June, said the company, whose clients include General Motors Co, Johnson & Johnson and L’Oreal.

Interpublic, whose agencies include Lowe and Partners, McCann and FCB got about 55.5% revenue from the United States in 2014.

The company’s second-quarter revenue increased 1.3% to $1.88 billion.

Net income available to common stockholders rose to $121.2 million, or 29 cents per share, from $99.4 million, or 23 cents per share.

Analysts on average had expected revenue of $1.84 billion and earnings of 27 cents per share, according to Thomson Reuters I/B/E/S.