Benzinga | Jul 21, 2021 08:46AM EDT

Interpublic Group Q2 Results Beat Estimates; Raises FY21 Outlook

* Interpublic Group of Companies Inc (NYSE:IPG) reported second-quarter FY21 net revenue growth of 22% to $2.27 billion and total revenue growth of 24% to $2.51 billion, versus the analyst consensus estimate of $2.08 billion.

* Selling, administrative, and engineering expenses were $29.4 million.

* Operating income for the quarter was $384.4 million.

* Adjusted EBITA before restructuring charges amounted to $405.8 million, with a margin of 17.9%.

* Adjusted EPS of $0.70 beat the analyst consensus of $0.42.

* Total debt was $3.47 billion as of June 30, 2021.

* Cash and equivalents totaled $2.34 billion as of June 30, 2021.

* Outlook: Interpublic now sees FY21 organic growth of 9% - 10%, versus the prior outlook of 5.0% to 6.0%.

* The company now sees an adjusted EBITA margin of about 16.0%, versus the prior outlook of approximately 15.5%.

* Price action: IPG shares are trading higher by 2.56% at $32.07 in premarket on the last check Wednesday.