Omnicom Group Inc. (NYSE:OMC) shares are trading higher after the company reported first-quarter FY24 results.
Revenue rose 5.4% Y/Y to $3.63 billion, beating the consensus of $3.615 billion. This was led by an organic growth of 4.0% Y/Y. Acquisition revenue (net of disposition revenue) increased revenue by 1.5%, led by Flywheel Digital’s acquisition in the Precision Marketing discipline, and the impact of foreign currency translation reduced revenue by 0.1%.
Adjusted EBITA rose 4.1% Y/Y to $500.4 million, with the margin decreasing to 13.8% from 14.0% a year ago. Adjusted EPS of $1.67 beat the consensus of $1.55.
John Wren, Chairman and Chief Executive Officer, said, “Omnicom began the year with solid organic revenue growth of 4.0%, led by continued strength in our advertising & media and precision marketing disciplines, including Flywheel Digital.”
“We are uniquely able to combine marketing and sales solutions with a seamless set of information signals to turn our award-winning creativity into measurable dynamic business outcomes for our clients. Our industry-leading tools and platforms, combined with the strength of our operating leadership, has led to our excellent new business performance and, when combined with the new opportunities we are pursuing, give us great confidence in the future.”
Price Action: OMC shares are up 2.95% at $93.64 premarket on the last check Wednesday.
