Young & Rubicam, New York, reported third quarter net income of $24.3 million, compared to a $5.7 million loss a year ago, on revenues of $375.4 million, up 12.6% from last year. For the first nine months of 1998, Y&R reported a net loss of $113.3 million compared to net income of $11.9 million for the same period in 1997 on revenue of $1.09 billion, up 12.1%. The 1998 net loss reflects one-time charges related to its initial public offering of stock this year. Excluding acquisitions and foreign currency fluctuations, Y&R said third-quarter revenue grew 14% and nine-months revenue grew 15.1%. It also said its operating margin improved to 11.2% in the third quarter and 10.2% for nine months compared to 6.4% in the 1997 third quarter and 7.2% for the first nine months of 1997.
Copyright November 1998, Crain Communications Inc.