US advertising and marketing company Omnicom Group (NYSE:OMC) said Tuesday third-quarter earnings beat estimates as global peers have warned of a slowdown in ad spending.
For the three months that ended September 30, Omnicom said net profit grew to $201.4 million from $172.9 million in the prior year, with earnings per share of $0.72, up from $0.57 a year earlier.
On average, 15 analysts polled by Thomson Reuters expected Omnicom to report earnings of $0.70 per share.
Third-quarter sales rose 13% to $3.38 billion from $2.99 billion last year. Analysts estimated revenues of $3.31 billion. Domestic revenue increased 5.3% to $1.7 billion, and international revenues climbed 21.8% to $1.68 billion.
The results come at a time when many ad agencies have indicated concerns over a possible double-dip recession in the US and the debt crisis in Europe affecting their business.
Omnicom is home to advertising, media and public relations agencies such as BBDO Worldwide, DDB Worldwide, TBWA Worldwide and Fleishman-Hillard, and is known for its famous "Got Milk?" advertising campaign.
Shares of the New York-based company were down 1.27% at $41.27 Tuesday morning.