Yahoo Finance Merger costs weigh on Omnicom's 4Q profit
Costs of Publicis deal weigh on advertising company Omnicom's 4Q profit; revenue rises
NEW YORK (AP) -- Omnicom Group Inc. said Tuesday that merger costs weighed on its fourth-quarter net income.
The New York-based advertising company said in July that it would combine with France's Publicis Groupe S.A., a deal that would create the world's largest advertising firm. The European Union's antitrust authority cleared the merger in January, but more regulatory approvals are needed before the deal can close.
Omnicom said that it earned $293.5 million in the October-December period, down from $299.9 million in the same months in 2012. Per-share earnings were unchanged at $1.13. Excluding $13.3 million in expenses related to the Publicis deal, earnings came to $1.18 per share for the most recent quarter.
Revenue rose 3 percent, to $4.06 billion from $3.94 billion. It showed gains in all regions, but sales rose the most in Asia and Latin America.
Analysts polled by FactSet were anticipating earnings of $1.14 per share on revenue of $4.04 billion.
Omnicom stock slipped 17 cents to $74 in afternoon trading, while broader markets rose. Its shares have risen by about a third in the past 12 months.
