Omnicom’s Stock Rises After Reporting Revenue Growth

NEW YORK — Omnicom Group’s share price closed at $59.55 today, up about 2 percent in above average-volume trading after the company reported worldwide revenue growth of 13 percent in the third-quarter compared to the same period last year.

Third-quarter revenue totaled $1.76 billion, up from $1.57 billion last year, Omnicom said. That growth coupled with cost-cutting produced diluted earnings per share of 68 cents for the quarter–up 11 percent from last year and in line with Wall Street’s expectations.

For the first nine months of 2002, Omnicom reported worldwide revenue of $5.41 billion–up 10 percent from the same period last year. Diluted earnings per share in the same period also rose 10 percent, to $2.36.