Omnicom posts 24% growth in the second quarter
Omnicom Group released its second quarter results showing a strong rebound, supported by organic revenue growth of 24.4%, with profits reaching $ 1.46 per share, increasing nearly 60% year-on-year ‘other.
Net income reached $ 348.2 million, a substantial turnaround after the agency reported losses in the same period a year earlier. Revenue reached $ 3.57 billion.
“We have had extremely strong results up and down and continue to make very good progress on several of our strategic initiatives. Second quarter organic growth was positive at 24.4%. This growth has spanned all of our branches, geographies, disciplines and client sectors, ”said President and CEO John D. Wren.
Listed Omnicom shares have risen 22% year-to-date, beating the S&P 500. In the past 12 months, the stock has risen 37%.
“Organic growth for the quarter was 24.4% or $ 682 million, which is a significant increase from the second quarter of 2020 which reflected the start of the pandemic when revenue declined 23% or 855. million dollars, ”added Philip J. Angelastro, executive vice president. and chief financial officer.
“In addition, in early June, we finalized the divestiture of ICON, our specialty media business, which resulted in a pre-tax gain of $ 50.5 million. The sale of ICON was in line with our strategic plan and our investment priorities and the divestiture is not expected to have a significant impact on our current operating income for 2021. “