Second-Quarter Boost Helped by Year-Ago Comparisons

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NEW YORK ( -- Helped by easier comparisons and currency fluctuations, Grey Global Group posted a 184% hike in net income for the second quarter, while its revenue rose slightly.

Grey posted $4.74 million in net income, up from $1.67 million in the year-ago period, on revenues of $319.9 million, up 10.3%. The company attributed the sharp net-income increase to easier comparisons with a weak quarter last year and to an early start to the traditional second-half pickup of marketing activity.

Like most U.S. holding companies, Grey's revenue comparison was helped by the weakness of the U.S. dollar against European currencies. After factoring out the currency exchange, revenues were up 2.2%.

North American revenue rose 4.9%, while international revenues were down 1% after adjusting for currency.

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