Omnicom reports 4.2% Q2 net income gain
Holding company Omnicom Group reported a 4.2% year-over-year increase in net income for the second quarter of 2010.
The company said it generated $243.3 million in net income during the quarter. Domestic revenue during that time increased 7.4% year over year to $1.64 billion. Total revenue jumped 5.9% to more than $3 billion during the period.
“First, from an overall point of view, economic growth is improving, although slowly. Second, an increasing number of our clients are now focused on growth, and we are starting to see increases in the scope of services they require,” said John Wren, president and CEO of Omnicom, during a July 20 conference call. “Third, driven by the need for disciplined innovation during the recession, our agencies are extremely well positioned to compete and win, driving both industry recognition and most importantly, some significant new business wins.”
Omnicom's CRM revenue increased 5.9% year over year, while advertising saw a 4.6% jump during the period.
“Within this [CRM] sector, a couple businesses had a better-than-expected quarter, particularly our events and sports marketing and field marketing businesses,” Randall Weisenburger, Omnicom EVP and CFO, said during the call. The FIFA World Cup had a hand in increasing revenue from events and sports marketing by 15%, Weisenburger said.