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Omnicom's North America growth slows even as profit, revenue beat

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04/18/2017 | 10:59am EDT

The world's second-largest advertising company Omnicom Group Inc (>> Omnicom Group Inc.) reported slower-than-expected growth in North America, overshadowing a quarterly profit and revenue that beat estimates.

The world's second-largest advertising company Omnicom Group Inc (>> Omnicom Group Inc.) reported slower-than-expected growth in North America, overshadowing a quarterly profit and revenue that beat estimates.

Shares of the company, part of the global "big four" advertising companies, were down 3.8 percent at $82.90 in morning trading on Tuesday.

The company's organic revenue in the North America rose 1.1 percent to $2.14 billion (1.71 billion pounds), missing the average analysts' estimate of 2.1 percent, according to market research firm FactSet StreetAccount.

North America is Omnicom's largest market, and accounts for about 60 percent of its revenue.

Investors will be weary about the U.S. growth numbers being light, Pivotal Research analyst Brian Wieser said.

U.S. growth was tepid again...despite significant new business wins, as media and advertising gains were offset by declines in events, field marketing and branding businesses, Wieser added.

The company would remain cautious as numerous geopolitical and macroeconomic events remain unresolved, Chief Executive John Wren said on a call with analysts on Tuesday.

"(Omnicom) still unclear on how legislation in several major areas (in the U.S.), including the budget, tax reform, infrastructure spending and health care, could impact the economy," Wren said.

However, New York-based Omnicom said organic revenue grew 8.1 percent in the UK and 8.2 percent in Europe, for the first quarter ended March 31.

The company said its international revenue for the quarter was $1.45 billion, edging past FactSet estimates of $1.44 billion, allaying some concerns about its growth abroad following UK's decision to leave the European Union.

Omnicom, owner of agencies such as BBDO Worldwide, TBWA Worldwide and Goodby Silverstein & Partners, is being investigated by the U.S. Department of Justice along with fellow rivals such as Interpublic Group of Companies Inc (>> Interpublic Group of Companies Inc) and Publicis Groupe SA (>> Publicis Groupe) over rigged bids to favour in-house production units.

Top advertising companies worldwide are increasingly looking to boost presence in digital media, with print ads drying up.

Omnicom — which serves over 5,000 clients worldwide, including Procter & Gamble (>> Procter & Gamble Co), Cisco Systems Inc (>> Cisco Systems, Inc.) and McDonald's Corp (>> McDonald's Corporation) — said net income rose to $241.8 million, or $1.02 per share, in the quarter, from $218.4 million, or 90 cents per share, a year earlier.

Excluding items, Omnicom earned 97 cents per share, beating the average analysts' estimate of 96 cents, according to Thomson Reuters I/B/E/S.

Revenue rose 2.5 percent to $3.59 billion, beating estimates of $3.55 billion.

(Reporting by Aishwarya Venugopal in Bengaluru; Editing by Shounak Dasgupta)

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Financials ($)
Sales 2017 8 000 M
EBIT 2017 998 M
Net income 2017 585 M
Debt 2017 587 M
Yield 2017 2,97%
P/E ratio 2017 16,36
P/E ratio 2018 14,62
EV / Sales 2017 1,26x
EV / Sales 2018 1,21x
Capitalization 9 530 M
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Number of Analysts 18
Average target price 27,5 $
Spread / Average Target 14%
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Michael Isor Roth Chairman & Chief Executive Officer
Frank Mergenthaler Chief Financial Officer & Executive Vice President
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William T. Kerr Independent Director
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