Omnicom happy with earnings estimates
LONDON - Omnicom Group, the world's third-largest marketing services group, has said it is comfortable with current analyst fourth-quarter earnings estimates as CEO John Wren gave a confident market outlook.
Speaking at the Credit Suisse First Boston conference yesterday, Wren was particularly optimistic about the market, saying that he expected the advertising industry to recover by the second half of next year.
His comments are in stark contrast to WPP CEO Sir Martin Sorrell who, speaking this week at the UBS Warburg media conference in New York, told delegates that he saw "no rays of sunshine the others have been talking about".
Wren said that US-based Omnicom, which holds the accounts for brand giants such as PepsiCo and DaimlerChrysler, is aiming for double-digit earnings growth in 2002. Analysts have predicted earnings estimates of between 86 to 88 cents a share for Omnicom.
Omnicom owns BBDO Worldwide and TBWA\, and the Porter Novelli PR brand.
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