Flat Quarter at Omnicom

Sales rise 12%, but earnings stay almost exactly the same, year-over-year.
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Omnicom

(OMC) - Get Report

posted a relatively flat first-quarter profit and missed analyst expectations by a penny. Revenue grew, however, but not enough to offset the quarter's higher operating expenses.

The advertising company earned $128.58 million, or 69 cents a share, compared with $128.57 million, or 68 cents a share, in the prior-year quarter. Analysts were expecting 70 cents a share. Total revenue was $1.94 billion, up 12%.

Operating expenses grew to $1.722 billion, compared with $1.515 billion in the 2002 quarter.

Shares of New York-based Omnicom closed at $63.29 Monday on the

New York Stock Exchange

.