Omnicom reports 5.4% Q3 net income increase
Omnicom Group reported a 5.4% year-over-year increase in net income to $174.6 million in the third quarter of 2010. The holding company's revenue from CRM increased 7.3% year-over-year in the quarter.
Brand advertising saw a 6.5% revenue jump during the period, and marketing services experienced a 6.9% increase in revenue during the same period. Domestic revenue for Q3 of 2010 increased 8.4% to $1.6 billion.
John Wren, president and CEO of Omnicom, said increasing the scope of the holding company's digital business, both internally and through acquisitions, will be a focus in 2011 and 2012. Randall Weisenberger, Omnicom EVP and CFO, also said on the earnings call that “digital across all disciplines” will be key to company growth.
Worldwide revenue at the holding company increased 5.5% to nearly $3 billion in the third quarter, while international revenue increased 2.3% to $1.4 billion year-over-year for Q3.
Omnicom's net income increased 3.1% year-over-year for the first nine months of the year, while domestic revenue increased 6.6% year-over-year to $4.8 billion for the first three quarters of the year.