Advertising and corporate communications services provider Omnicom Group, Inc. (OMC) reported Thursday a profit for the first quarter that edged up from last year, reflecting revenue growth amid higher domestic and international revenues. Earnings per share for the quarter topped analysts' expectations by a penny, while quarterly revenues missed their estimates by a whisker.
The New York-based company posted net income of $205.1 million or $0.76 per share for the first quarter, higher than $204.6 million or $0.72 per share in the prior-year quarter.
On average, 17 analysts polled by Thomson Reuters expected the company to report earnings of $0.75 per share for the first quarter. Analysts' estimates typically exclude special items.
Worldwide revenues for the quarter grew 2.8 percent to $3.40 billion from $3.31 billion in the same quarter last year, but missed fifteen Wall Street analysts' consensus estimate of $3.41 billion by a whisker.
Domestic revenue for the quarter increased 4.2 percent to $1.79 billion from the year-ago quarter, and international revenues grew 1.2 percent to $1.61 billion from the prior-year quarter.
Operating income for the quarter increased to $371.7 million from $362.5 million in the prior-year quarter, and total operating expenses were $3.0 billion, up from $2.92 billion in the year-ago quarter.
In Thursday's regular trading session, OMC is currently trading at $58.38, down $0.88 or 1.48% on a volume of 0.46 million shares.
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