Omnicom Group Inc. on Feb. 15 reported a year-over-year drop in fourth-quarter 2017 net income attributable to the company to $254.4 million, or $1.09 per share, from net income of $350.3 million, or $1.47 per share.
The GAAP S&P Capital IQ consensus EPS estimate for the quarter was $1.53.
In the fourth quarter of 2017, the company recorded the net effect of the enactment of the "Tax Cuts and Jobs Act," which resulted in a net increase of $106.3 million in income tax expense. Excluding the additional net income tax expense, net income increased $10.4 million, or 3.0%, to $360.7 million from $350.3 million in the fourth quarter of 2016.
Revenue for the fourth quarter was $4.18 billion, down 1.5% year over year from $4.24 billion.