Recovery helps Omnicom beat estimates with 15% rise
NEW YORK - Omnicom Group, owner of advertising agencies BBDO Worldwide and the media buyer PHD, has said that profit rose by 15% over the last quarter to $206.1m as its agencies started to reap the rewards of the ad recovery.
Analysts had been forecasting an earnings per share figure of $1.07, but Omnicom beat this by delivering $1.10. This compares with 96 cents for the same period last year.
The company, which breaks down revenues into "domestic" and "international" said that there was a 13% rise in revenues outside the US to $1.1bn, up from $967.3m during the same quarter last year, with US revenues rising by 12% to $1.2bn.
The company, headed by president and CEO John Wren, is due to unveil further details about its second quarter performance at a press conference later today.
Omnicom also owns the ad agencies, DDB Worldwide and TBWA\, and the media agency, OMD.
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