The Interpublic Group of Companies Inc. (IPG) reported fourth quarter and full year 2009 results today. Fourth quarter profit fell 38% to $129.4 million, from $209.8 million over the same period in 2008.
Full-year profit of $93.6 million, is only about a third of the $265 million profit IPG reported in 2008.
IPG’s Constituency Management Group (CMG), which houses Golin Harris, MWW Group and Weber Shandwick, saw a 16% decline in yearly revenue to $915.1 million, from $1.09 billion in 2008. However, Q4 saw only a 6.5% revenue decline, compared to 14% in Q3. CEOs for the aforementioned agencies were not available for comment as of the time of this post. Inclement weather in the Northeast led to MWW Group’s offices being closed today.
“We think that the worst of the recession’s impact on our business [has passed]. Economic conditions appear to have stabilized, and we believe we should see improvement during the course of 2010,” said IPG CEO Michael Roth on a conference call this morning.