- The Interpublic Group of Companies, which owns McCann-Erickson WorldGroup, Ammirati Puris Lintas, The Lowe Group, reported a leap of 24.8% in net income for the second quarter to $116.4 million, up from $93.2 million last time..
Gross income for the second quarter of 1998 was up 17.8% at $972.4 million. Gross income for the United States operations increased 21.4% outstripping gross income from international operations which increased 14.5%. Gross income from international operations would have increased 23.4%, except for strengthening of the U.S. dollar against major currencies.
Interpublic's agency systems also reported record net new business gains during the second quarter of approximately $294 million compared with the second quarter of 1997 net new business gain of $236 million, an increase of 24%.
The basic earnings per share increased 20.5% to $.88 from $73 for the comparable restated period of 1997. On a diluted basis, earnings per share for the second quarter of 1998 was $.84, an increase of 20% over the restated second quarter of 1997.
Net income for the first six months of 1998 was $152.2 million, an increase of 24.1% over the restated net income for 1997. The basic earnings per share increased 18.6% to $1.15 from $.97 for the comparable restated period of 1997. On a diluted basis, earnings per share was $1.11 versus $.93 in 1997, an increase of 19.4%.
Gross income for the first six months of 1998 was $1,748 million, an increase of 16.2% from the restated six months of 1997. Gross income from United States operations increased 20.4%. Gross income from international operations increased 12.1%. Gross income from international operations would have increased 21.4%, except for the strengthening of the U.S. dollar against major currencies.
During the first six months of 1998 net new business gains were recorded of approximately $817 million compared with $709 million during the first six months of 1997, an increase of 15%.
The Interpublic Group of Companies also includes DraftWorldwide, Western International Media, Allied Communications Group, Octagon as well as other related companies.
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