Q4 organic rev ahead - 2018 guidance in line
Organic rev growth of 3.3% was ahead (cons. +0.9%) with 3.7% in the US and 2.9% internationally. Ex an increase in pass through business, growth at both regions was 2.5%, materially better than Q3's 2.0%/0.7% US/international growth. Operating margins missed (+70bp YoY vs. +90bp cons.) but OI still beat at +7% (cons. +6%). EPS excluding various tax related items was $0.79 vs. consensus of $0.78. 2018 guidance was in line with organic revenue growth seen at 2-3% (AE +2.6%) and operating margin expansion of 20bp (cons. +20bp). The company announced a new $300m buy back authority with no expected use timeline. However, an equivalently sized authority announced last year was used in full and we expect the same this year.Interpublic Group of Companies is an advertising and marketing services company. The company's segment include: Integrated Agency Networks (IAN) and Constituency Management Group (CMG). Within IAN, the company's agencies provide an array of communications and marketing services, each providing a range of solutions for its clients. In addition, the company's domestic integrated agencies provide a range of advertising, marketing communications services and/or marketing services and partner with its operating divisions as needed. CMG provides clients with services, including public relations, meeting and event production, sports and entertainment marketing, corporate and brand identity, and marketing consulting.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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