Interpublic Group's net income more than tripled in the first half of the year, thanks to solid revenue and earnings growth in the second quarter.
Second-quarter net income grew 24 percent to $99.4 million, from $79.9 million in the same period last year. Revenue for the quarter grew 5 percent to $1.85 billion.
The company closed the first half with net income of $78.5 million—a jump up from $20.7 million a year ago. First-half revenue grew nearly 6 percent to $3.48 billion.
Interpublic CEO Michael Roth attributed the gains to the competitiveness of IPG's agencies. He added that the company is now positioned to exceed its full-year goals of 3 percent to 4 percent organic revenue growth and an operating margin of at least 10.3 percent.
On an organic basis, revenue grew 5 percent for the quarter and nearly 6 percent for the first half. International organic revenue growth outstripped that in the U.S.
In Q1, for example, the organic growth internationally was 7 percent compared to 3 percent in the U.S. Similarly, in the first half, organic revenue grew 8 percent internationally and only half as much domestically.
The rosy results were a sharp turnaround from the first quarter when IPG had a loss of nearly $21 million, despite revenue growth of 6 percent.