1.78%XLF 20.53 6.48%QQQQ 45.97 2.38%
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NEW YORK (AP) - Media services company Omnicom Group Inc. said Tuesday that its first-quarter profit rose 10 percent on increased revenue.
The parent of the BBDO Worldwide and DDB Worldwide advertising agencies said earnings increased to $183 million, or $1.09 per share, from $165.7 million, or 93 cents per share, in the previous year.
The prior-year's results included a benefit of $3.6 million from adopting a stock-based compensation plan and $2 million for a requirement to provide an estimate for forfeitures of all unvested stock-based compensation awards as of Jan. 1, 2006.
Analysts polled by Thomson Financial forecast net income of $1.05 per share.
Revenue for the quarter gained 11 percent to $2.84 billion from $2.56 billion, topping Wall Street's estimate of $2.79 billion.
Domestic sales rose about 8 percent to $1.54 billion, while international revenue grew almost 15 percent to $1.3 billion.
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