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Omnicom Group posts flat 1Q net income

NEW YORK (AP) -- Omnicom Group Inc. said Thursday its first-quarter net income was relatively flat, as higher costs offset a slight increase in revenue.

The New York-based advertising and marketing company earned $199.7 million, down from $200.1 million, in the same quarter last year. However, earnings per share rose to 76 cents from 72 cents, benefiting from a 5 reduction in the average number of shares outstanding.

Revenue rose 3 percent to $3.4 billion from $3.31 billion.

The profit beat Wall Street predictions by a penny, while the revenue matched predictions. Analysts, on average, expected a profit of 75 cents per share on $3.4 billion in revenue, according to FactSet.

Domestic revenue increased 4 percent to $1.79 billion, while international revenue edged up 1 percent to $1.61 billion.