February 10, 2017 / 12:30 PM / a year ago

UPDATE 1-Interpublic Group quarterly profit beats estimates

(Adds details, shares)

Feb 10 (Reuters) - Interpublic Group of Cos Inc reported a higher-than-expected quarterly profit on Friday, citing lower taxes and increased international sales.

Shares of the company were up 3.1 percent at $23.99 in premarket trading.

Interpublic, whose clients include Johnson & Johnson , Microsoft Corp and Coca-Cola Co, said revenue from international markets, which accounts for over 44 percent of total revenue, rose 3.2 percent in the fourth quarter ended Dec. 31.

Advertising companies have been making the shift to digital ads as demand from clients has changed due to the decline of print media.

The company’s provision for income taxes in the latest quarter fell 27 percent to $106.1 million.

Excluding items, Interpublic earned 75 cents per share beating the average analyst estimate of 67 cents per share, according to Thomson Reuters I/B/E/S.

Net income attributable to shareholders rose to $317.6 million, or 78 cents per share, in the quarter, from $260.3 million, or 63 cents per share, a year earlier.

The company said the board approved an additional $300 million toward a share repurchase program.

Revenue, for the company which is one of the “big four” ad agencies of the world, rose about 3 percent to $2.26 billion, in line with analysts’ average estimate. (Reporting by Aishwarya Venugopal in Bengaluru; Editing by Martina D‘Couto)

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