John Wren, CEO of Omnicom
Omnicom Group Inc. released their latest earnings showing a substantial Q4 decline year over year. Net income fell to $398.1 million from $415.0 million in the fourth quarter of 2019. When all factors were accounted for organic growth dropped 9.6% in the 4th quarter.
According to a release, organic growth in the fourth quarter of 2020 as compared to the fourth quarter of 2019 in five fundamental disciplines was as follows:
Organic growth was negative across all regional markets in the fourth quarter of 2020 as compared to the fourth quarter of 2019. The decreases were as follows: the United States 9.4%, Other North America 3.2%, the United Kingdom 12.4%, the Euro Markets & Other Europe 9.2%, Asia Pacific 3.9%, Latin America 9.2% and the Middle East & Africa 36.8%.
Operating profit decreased $31.7 million, or 4.9%, to $614.7 million compared to $646.4 million during the fourth quarter of 2019. The operating margin for the fourth quarter of 2020 increased to 16.4% versus 15.6% for the fourth quarter of 2019.
According to the release, worldwide revenue for 2020 decreased 11.9% to $13,171.1 million from $14,953.7 million in the same period of 2019.
Diluted net income per share also decreased, falling $1.69 to $4.37 per share compared to $6.06 per share for the year prior.
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