DOW JONES NEWSWIRES
Interpublic Group of Cos (NYSE:IPG) .'s (IPG) first-quarter loss narrowed on revenue gains and cost containment.
The advertising and marketing company reported a net loss of $62.8 million, or 15 cents a share, compared with a year-earlier net loss of $125.9 million, or 29 cents a share.
Revenue increased 9.3% to $1.49 billion while organic revenue - excluding divestitures, acquisitions and foreign-currency translation - rose 5.1%.
Analysts' mean estimates were for a loss of 16 cents a share on revenue of $ 1.44 billion, according to a poll by Thomson Reuters.
Chairman and Chief Executive Michael Roth called the results "strong and represents a solid start to the year."
Interpublic is in the middle of a turnaround after correcting accounting problems that had dogged it for several years.
In February, Interpublic, which acquired Translation Consultation & Brand Imaging last fall, agreed to take a 49% stake in a new multicultural advertising agency controlled by Translation founder Steve Stoute and Shawn Carter, the rapper known as Jay-Z. Interpublic's purchase of Translation was part of a bid to reach more young, urban consumers.
Interpublic's shares closed Tuesday at $8.55 and rose to $8.65 in pre-market trading.
-By Kathy Shwiff and Kevin Kingsbury, Dow Jones Newswires; 201-938-2136; kevin.kingsbury@dowjones.com
(END) Dow Jones Newswires 04-30-08 0913 Copyright (c) 2008 Dow Jones & Company, Inc.
