Interpublic Group withdraws financial performance targets for 2020

In light of significant macroeconomic uncertainty resulting from the severity of the COVID-19 crisis, and the unknown magnitude and duration of its impact, Interpublic Group has withdrawn the company’s previously issued financial performance targets for full-year 2020. 

In a release issued, Michael Roth, Chairman and CEO, IPG, said, “The impact of COVID-19 has continued in recent weeks to grow around the world in human tragedy and macroeconomic cost. We remain focused on protecting the health and safety of our employees around the world, serving our clients, and supporting our communities.” 

He further said, “Our strategic strengths continue through this challenging period, notably our best-in-class talent, client-centric culture, differentiated go-to-market strategy, industry-leading data management capabilities, and deep relevance of our offerings. Nonetheless, in the current environment, visibility into marketing and media spend is extremely challenging. Our company’s balance sheet and liquidity are strong, and consistent with past practices we will look for opportunities to further enhance our financial condition. Our company has a long track record of navigating successfully through uncertain economic periods due to the strength of our talent and operating disciplines that are in full force, servicing our clients and rigorously managing our flexible cost base. We have multiple cost levers to align expenses with changes in revenue and our operators are executing as appropriate on both the revenue and expense sides.” 

The company anticipates providing additional commentary at the time of its first quarter earnings release, which is scheduled towards the end of April.