Omnicom Group reported a slight drop in third-quarter revenue — down 0.1% to a little more than $3.7 billion. The company’s organic revenue growth during the period was 2.9%, but the firm continued to struggle in North America, where U.S. growth was just 0.6% while the rest of the region was down 5.4%.
The company said that currency fluctuations, a decrease in M&A activity and new accounting rules that kicked in earlier this year all contributed to stalled revenue growth for the period.
Organic growth during the third quarter in the holding company's five fundamental disciplines was as follows: Advertising increased 4.0%, CRM Consumer Experience increased 5.5%, CRM Execution & Support decreased 3.6%, Public Relations increased 2.3% and Healthcare increased 2.9%.
Net income for the third quarter was up 13.4% to $298.9 million.
For the first nine months of the year, revenues were up 1% to $11.2 billion and organic growth was up 2.5%. Organic growth in the U.S. for the period was 0.1% and down 5.9% for the rest of the region.
Net income for the nine months increased 11.2% to $927.2 million.