Wed, Jul 24, 8:20 PM (45 days ago)
The Interpublic Group of Companies, Inc. (IPG) reported a slight decrease in revenue before billable expenses for Q2 2024 to $2,327.1 million from $2,328.5 million in Q2 2023. The company's operating income increased by 2.4% to $318.2 million. Adjusted EBITA rose by 2.0% to $338.6 million, reflecting improved margins. Net income available to common stockholders dropped to $214.5 million from $265.5 million, impacted by higher tax expenses and lower gains on sales of businesses. IPG's cash flow from operations improved significantly, reducing net cash used in operating activities to $36.7 million from $582.8 million in the prior year period. Despite a challenging economic backdrop, IPG's financial position remains robust with sufficient liquidity to meet anticipated operational needs. The company repaid $250 million in senior notes and maintained a strong credit profile with no borrowings under its $1.5 billion credit facility as of June 30, 2024.