Interpublic Group today reported a net loss of nearly $21 million in the first quarter of the year, despite solid revenue growth of 6 percent.
The company ended the quarter with $1.64 billion in revenue, up from $1.54 billion in the same period last year. On an organic basis, revenue grew nearly 7 percent, including about 5 percent in the U.S. and more than 9 percent outside the U.S.
Quarterly expenses related to salaries, however, rose 5 percent to $1.19 billion, according to the company.
In a statement, IPG CEO Michael Roth touted the organic increases, noting "significant growth" in Latin America and Asia and "strength" in the U.S.
Roth also reasserted the company's pledge to achieve 3 percent to 4 percent organic growth and an operating margin of at least 10.3 percent for the year.
The Q1 loss, which equated to 5 cents per share of company stock, represented a significant improvement from the same period last year. In the first three months of 2013, IPG withstood a net loss of $59.2 million, or 14 cents per share.