Wed, Jul 17, 10:03 AM (52 days ago)
For the quarter ended June 30, 2024, Omnicom Group Inc. reported a 6.8% increase in revenue to $3,853.8 million, driven by organic growth and acquisitions, notably the purchase of Flywheel Digital. However, operating income decreased by 7.3% to $510.3 million due to $57.8 million in repositioning costs. Net income attributable to Omnicom decreased by 10.4% to $328.1 million, with diluted EPS falling to $1.65 from $1.82. The effective tax rate dropped slightly to 26.0%. Cash and cash equivalents decreased by $1.7 billion, largely due to working capital needs and acquisition costs. The company maintained a leverage ratio of 2.6 times, well within its covenant requirements. Despite economic uncertainties, Omnicom expects its liquidity sources to be sufficient to meet near-term obligations.