WASHINGTON (dpa-AFX) - Interpublic Group of Companies Inc. (IPG) reported that its net income available to IPG common stockholders for the first quarter 2017 significantly increased to $21.5 million or $0.05 per share from $5.4 million or $0.01 per share in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.03 per share for the quarter. Analysts' estimates typically exclude special items.
Operating income in the first quarter of 2017 was $29.7 million, compared to $23.0 million in 2016.
First quarter 2017 revenue increased 0.7% to $1.75 billion, compared to $1.74 billion in the first quarter of 2016, with an organic revenue increase of 2.7% compared to the prior-year period. This was comprised of an organic increase of 2.9% in the U.S. and 2.2% internationally. Analysts expected revenue of $1.76 billion for the quarter.
The company said it believes it is well positioned to achieve its full year targets of organic revenue in the 3% to 4% range, as well as to improve operating margin by an additional 50 basis points relative to 2016 levels.
During the first quarter of 2017, the company declared and paid a common stock cash dividend of $0.18 per share, for a total of $70.9 million.
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