Share “Omnicom 2Q profit climbs 13 percent”

Omnicom 2Q profit climbs 13 percent

Published on NewsOK Modified: July 22, 2014 at 7:30 am •  Published: July 22, 2014

NEW YORK (AP) — Omnicom Group Inc. (OMC) on Tuesday reported net income that climbed by 13 percent in its second quarter, and topped analysts' expectations.

The New York-based company said net income increased to $318.9 million, or $1.23 per share, from $281.7 million, or $1.09 per share, in the same quarter a year ago.

Stripping out 3 cents per share for costs tied to its terminated merger with Publicis Group SA, earnings were $1.26 per share.

The average estimate of analysts surveyed by Zacks Investment Research was for earnings of $1.17 per share.

In May Omnicom and Publicis called off their $35 billion merger plans because they were unable to complete the deal in a reasonable time frame.

The advertising company said revenue rose 6.4 percent to $3.87 billion from $3.64 billion, beating Wall Street's forecast of $3.8 billion.

Omnicom shares have decreased $3.04, or 4.1 percent, to $71.33 since the beginning of the year, while the Standard & Poor's 500 index has climbed 6.8 percent.