You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text. 
Text: We have posted to www.
We recognize the challenges you are facing personally and professionally.
We will continue to support you and to maintain our unwavering commitment to keeping you safe as we continue to effectively service our clients and preserve the strength of our business.
As we expected, the negative impact of COVID-19 on our business peaked in the second quarter and we experienced significant improvements in third quarter.
Organic growth declined by 11.7% or $424 million, which includes a decline in our third-party service costs of $194 million.
Sequentially, we saw improvements across all geographic regions and most countries with the only few exceptions, including Brazil, India, Japan and Singapore.
Similarly, our largest industry sectors had significant sequential growth, with pharma and health as well as technology growing in the third quarter versus the prior year.
As anticipated, some of our clients' industries that have been hit the hardest, such as travel and entertainment, as well as our events businesses continue to be challenged.
Our EBIT margin in the third quarter was 15.6% as compared to 13.1% in the third quarter of 2019, driving year-over-year growth in operating profit and net income.
The performance can be attributed to a number of factors, including repositioning actions taken in the second quarter, significant reductions in addressable spend, voluntary pay cuts across the group, which will be phased out by the end of the year, and reimbursements and tax credits under government programs in several countries.
As you know, earlier in the year, we took measures to provide additional liquidity during the COVID crisis, and we further enhanced our working capital processes.
We also stopped our share repurchase program.
We don't expect to restart share repurchases this year and will be reviewing the policy with our board in December.
I'm pleased to report that our efforts continue to pay off.
Year-to-date, we generated $1.1 billion in free cash flow and paid dividends of $423 million.
Phil will discuss our liquidity and balance sheet in more detail, which remain very strong.
Let me now turn to our strategies and business performance.
It goes without saying this year has been a period of significant change with COVID-19 causing shifts in consumer behavior, which, in turn, have augmented the services we provide our clients.
Across almost every sector, our clients pivoted their operations to accelerate their digital transformation, e-commerce, and direct-to-consumer initiatives.
Further, leverage data analytics and insights to drive their marketing and communication programs and seek ways to reinvent and differentiate their brands in an always-on environment.
These initiatives were already well under way before COVID, but they've taken on a new urgency for our clients with the main purpose of achieving the best outcomes in reaching their customers.
I'm pleased with how our agencies have responded.
They've had to reimagine marketing strategies, move quickly to provide our clients with relevant insights into how consumers were thinking, feeling and behaving, and provide counsel on where, when and how brands should show up differently.
In fact, these COVID-19-induced changes in consumer behavior are profound and will have a lasting impact.
With the exponential shift to virtual and online activities and its effect on almost every routine, consumers, more than ever, expect effortless, interconnected brand experiences that need to be delivered through increasingly dynamic and non-linear paths to purchase.
Fortunately, we are well-positioned to excel in this environment as a result of our long-term growth strategies.
For more than a decade, we have invested a substantial amount of time and money in the areas of analytics, insights precision marketing and digital transformation services.
These investments enable our companies to put the consumer at the center with data-driven digital and personalized offerings.
Omni, our world-class people-based data and analytics service platform is being leveraged by our creative, media, precision marketing, CRM, healthcare, PR and e-commerce agencies across the group.
The power of the platform is providing our clients a unique understanding of their audiences as people, not just as consumers, enabling us to develop targeted and coordinated marketing programs across multiple mediums.
Omni is being deployed by our client service teams using process-driven frameworks that can be applied to their specific client situations and for new business opportunities.
This combination of our platforms, processes, and people allows us to offer flexible programs and solutions that can be customized to meet the rapidly changing demands of today's market.
We also continue to invest heavily in growing our precision marketing, mark tech and digital transformation businesses through a series of strategic investments and acquisitions.
We've realigned several agencies into Omnicom Precision Marketing Group, a practice area we formed several years ago and we've expanded its capabilities through the acquisitions of Credera, Smart Digital and in the third quarter, DMW.
These investments have been instrumental in the relative performance we have achieved in these disciplines over the past few quarters.
We expect them to continue to be a key driver of our growth as digital transformation and precision marketing initiatives accelerate.
As I said earlier, demand for our transformation work cuts across industries, whether it's auto, retail, FMCG or healthcare, we are helping our clients design and deploy new technology platforms, develop online strategies and personalized digital experiences, optimize content creation, and automate content delivery.
These consumer-centric engagements deliver measurable outcomes that improve time-to-market and ROI associated with marketing investments.
Another area fueled exponentially by COVID is e-commerce.
For a period of time this year for many of our clients, e-commerce is the only way to transact with their customers.
From CPG to retail to autos to education and virtually every other industry, e-commerce adoption accelerated in a period of days and weeks, where in normal times it would have otherwise taken years.
During the quarter, we strengthened our practice area grounded in e-commerce space, led by Sophie Daranyi, our newly formed Omnicom Commerce Group is a center of excellence for commerce and conversion marketing.
The group brings together best-in-class creativity and consulting capabilities from several agencies and will partner closely with our media and precision marketing practices to help clients achieve reductions in the gap between awareness and sales, leverage our e-commerce offers across the group, and accelerate our speed and agility in connecting our expertise and capabilities for our clients.
Whether in-store or online, brands that are best-known and trusted are ones that people have turned to during the pandemic and will continue to turn to as these shifts in behavior take hold for the long term.
Helping to build that familiarity, affection and trust in a brand is at the core of what our creative agencies have done for decades.
We have the creativity to think differently, to design and create relevant experiences that are resident, more importantly rewarding.
We know it is what will drive long-term growth for our clients.
While 2020 has been a time of disruption and reinvention, a constant through it all has been the resiliency of our people.
Despite the challenges thrown our way, our agencies and our people have continued to step up and display world-class creativity, innovation and ideas.
Their performance is demonstrated by our recent new business success.
Peugeot chose Omnicom's O.P.EN.
, which is an acronym for Omnicom for PEUGEOT Engine, as its new agency of record.
Creative precision marketing and strategy teams from across 17 different markets put together the winning proposal.
BBDO was selected by AARP as its brand agency of record.
Cox Automotive appointed Hearts & Science U.S. media agency of record for its Autotrader and Kelley Blue Book brands.
Fiesta [Phonetic] was awarded the multicultural advertising for Frito-Lay brands, Cheetos and Doritos.
And in pharma and healthcare, our companies continue to outperform with significant wins across our practice areas, including advertising and creative services for key products for Gilead, CSL Plasma and AbbVie.
Digital innovation services for Novartis across their pharma and oncology business units.
And in PR, we had wins with J&J Pharma, UPenn Medical Center and KKI Pharma.
The common denominator across these business wins and our work during the quarter is it happened with most of our people are working remotely.
Looking ahead, we know when we enter the post-COVID phase, the way we work will be different.
With that in mind, we have formed a committee dedicated to our agency leaders, evaluate how our business should operate post-COVID.
The objective of the group is to rethink the way we work to best serve each agency specific services, people, clients, space and culture.
We've also accelerated how we use technology and share information well beyond video calls and virtual meetings.
For example, we're using technology platforms to deliver more training programs, on-board new talent and clients, collaborate on creative ideas, and produce shoots.
In fact, the accelerated adoption of technology has improved almost every aspect of our operations, both in servicing our clients and in our back office.
I'm certain that we will take away many learnings from the current environment that have allowed us to work more efficiently and effectively.
Let me now provide an update on our DE&I initiatives and some key changes.
Over a decade ago, we hired one of the industry's first Chief Diversity Officers.
Tiffany R. Warren, who was instrumental in developing our DE&I strategy and framework.
Since then, she has helped us build the core of our DE&I programs.
As announced earlier this month, Tiffany has decided to join Sony Music and we are in the process of finding a new diversity leader, who will lead us in the next phase of our efforts.
As mentioned last quarter, our DE&I strategy aims to create supportive environments and is led by the Omnicom People Engagement Network or OPEN.
OPEN provides structure and counsel and visibility to DE&I initiatives and policies throughout our organization.
Our OPEN2.0 actions focus on four key tenets, culture, collaboration, clients and community, and is organized into eight action items.
These include the development and retention of our diverse talent, client and community involvement, mandatory training, and accountability of our leaders.
One of our first action items is the expansion and empowerment of our OPEN leadership team, which is responsible for leading the implementation of our framework.
To date, through a combination of new hires and promotions, we've expanded the OPEN leadership team from 15 to 25 diversity champions and we're making good progress on our initiatives.
I look forward to sharing more with you on this front in the future.
Before turning it over to Phil, let me provide an update on our expectations for the fourth quarter.
While the third quarter trend was positive and we expect to see continuing improvement in several industries and markets, there are a number of challenges and uncertainties as we look at the fourth quarter.
First is the trajectory of the virus globally, which will impact the pace of economic recovery in each country we operate in.
Next is the outcome of the U.S. election and the potential delays in its results.
Third is the timing and effect of government stimulus programs in the U.S. and around the world.
And last, our labor market conditions, especially as stimulus programs end and their effect on the overall rate of economic recovery.
All of these factors create greater uncertainty in our financial forecasts and a much lower level of visibility than we've experienced in the past across our businesses.
This is especially so in our project-based services, as well as in the year-end project spend that we normally expect to see from our clients.
As a result, we continue to focus on the things we can control.
Our agencies are dedicated to ensuring the safety of their staff, servicing their clients, pursuing new business opportunities, aligning their staffing levels with revenue and aggressively managing their costs.
Each of them is being asked to plan for alternative scenarios for accelerated growth, as well as potential declines in client spend.
While 2020 has been a difficult year in many ways, I'm incredibly pleased with how we've operated and the progress we've made in executing our strategies.
As John said, the negative impact on our business caused by COVID-19 peaked in Q2 and as business conditions improved, our results improved considerably in Q3.
Our performance reflects the benefits from the actions we took to align our cost structure with the current operating environment.
And while the decline in revenue was in line with our expectations, our margin improvement exceeded our expectations.
I will cover that in more detail later.
Turning to slide 4 for a summary of our revenue performance for the third quarter, our organic revenue performance was negative $424 million or 11.7% for the quarter.
The decrease was an improvement from the unprecedented decrease of 23% in the second quarter and was in line with our internal expectations throughout the quarter.
And while we still experienced declines across all regions and disciplines, except for the continued growth of our specialty healthcare businesses, those reductions were about half the levels we saw in Q2.
The impact of foreign exchange rates increased our revenue by 0.5% in the quarter versus a slightly negative impact we anticipated.
This was due to the moderation of the strengthening of the dollar compared to the prior period.
And the impact on revenue from acquisitions net of dispositions was relatively flat or a decrease of 0.3%.
As a result, our reported revenue for the third quarter decreased 11.5% to $3.2 billion when compared to Q3 of 2019.
I'll return to discuss the details of the changes in revenue in a few minutes.
Turning back to slide 1, our reported operating profit for the quarter was $501 million, up from $473.3 million in Q3 of last year.
Our operating profit in the quarter was positively impacted from the cost reductions resulting from the repositioning actions we undertook in the second quarter, and good management of our addressable spend cost categories by the leaders of our agencies.
The results for the quarter included the benefit of reductions in salary and related costs, which increased operating profit by $68.7 million, related to reimbursements and tax credits under government programs in several countries, including the U.S., Canada, the U.K., Germany, France and others.
Operating margin for the quarter increased 250 basis points to 15.6% compared to point 13.1% in Q3 of last year.
Excluding the benefit of the reductions in salary and related costs from the government reimbursements and tax credits, operating margin for the quarter increased 40 basis points to 13.5%.
EBITA for the quarter was $522 million and EBITA margin was 16.3% compared to 13.6% in Q3 of last year.
Excluding the benefit of the reductions in salary and related costs previously referred to, EBITA margin for the quarter increased 50 basis points to 14.1%.
You will recall we estimated that the severance and real estate actions taken in the second quarter would generate approximately $230 million in savings over the second half of 2020.
We also expected to generate additional savings in excess of $75 million in the second half from reductions in discretionary costs.
Through the end of Q3, the reductions in our payroll and real estate costs were in line with those estimates.
And we experienced greater cost savings resulting from the active management of our discretionary addressable spend cost categories, including travel and entertainment, general office expenses, professional fees, personnel fees and other.
As we previously discussed, we have and will continue to actively manage our costs to ensure they align with our revenue structure.
In addition to the overarching structural changes we made during the second quarter, we continue to evaluate ways to improve efficiency throughout the organization, focusing on our real estate portfolio management, back office services, procurement and IT services.
As for the details, our salary and service costs are variable and fluctuate with revenue.
Salary and related service costs declined by $223 million in the quarter, reflecting both the impact of our staffing reductions during the second quarter and the impact of the benefits from government reimbursements and tax credits discussed previously.
Third-party service costs, which include expenses incurred with third-party vendors when we act as a principal, when we're performing services for our clients, primarily related to our events, field marketing and merchandising and media businesses, decreased by $194 million in the quarter or 20%.
In comparison, the decrease in third-party service costs in the second quarter year-over-year was nearly $400 million or 40%.
Occupancy and other costs, which are less linked to changes in revenue, declined by approximately $18 million, again reflecting the decrease in the cost structure from the actions taken in the second quarter and from our people not being in our offices during the quarter for the most part.
And SG&A expenses declined by $7 million in the quarter.
Net interest expense for the quarter was $48.5 million, down $800,000 versus Q3 last year and up $1.3 million compared to Q2 2020.
When compared to the third quarter of 2019, our gross interest expense was down $8.4 million resulting from debt refinancing actions over the last 12 months.
This includes the impact of the additional $600 million of 10-year 4.2% senior notes that we issued as liquidity insurance in early April of this year.
As we've discussed on our previous calls this year, these actions reduce the effective interest rate on our senior debt by 60 basis points when compared to Q3 of 2019.
This reduction was offset by a decrease in interest income of $7.6 million versus Q3 of 2019, primarily due to lower interest rates.
When compared to the second quarter of 2020, interest expense increased slightly by $700,000, while interest income was down $600,000.
As we enter the final quarter of the year, we expect that our refinancing activity over the past year plus will continue to more than offset the increase in interest expense, resulting from the issuance of the 4.2% notes this past April.
We believe adding this additional liquidity while maintaining our interest expense levels was a prudent step to take.
We expect net interest expense to increase in Q4 of 2020 by approximately $10 million compared to Q4 of 2019, largely driven by an estimated reduction in interest income.
Our effective tax rate for the quarter was 26.7% in line with our expectations.
For the nine months ended September 30, 2020, the rate was 28.5%, an increase from 26% for the comparable period in 2019.
The increase in the nine-month rate for 2020 was primarily attributable to activity from Q2 related to the non-deductibility of certain repositioning costs in certain jurisdictions and the loss on dispositions.
Excluding the impact of these items, the year-to-date effective rate was 26.3%, which was in line with our expectations.
We anticipate that our effective tax rate for the fourth quarter will approximate 27%, excluding the impact of share-based compensation items, which we cannot predict because it is subject to changes in our share price.
Earnings from our affiliates totaled $2.9 million for the quarter, up a bit versus Q3 of last year.
And the allocation of earnings to the minority shareholders was $21.6 million during the quarter, relatively flat with the prior year.
As a result, net income for the third quarter was $313.3 million, up 8% or $23.1 million when compared to Q3 of 2019.
Our diluted share count for the quarter decreased 1.6% versus Q3 of last year to 215.8 million shares, resulting from share repurchases prior to the suspension of our share repurchase program, which we announced toward the end of March.
As a result, our diluted earnings per share for the third quarter was $1.45, which is an increase of $0.13 or 9.8% when compared to our Q3 earnings per share for last year.
On slide two, we provide the summary P&L, earnings per share and other information for the year-to-date period.
As a reminder, in response to the pandemic during the second quarter, we undertook a comprehensive review of our operational structure to reflect the current and expected economic realities of the COVID landscape.
The repositioning actions included severance actions to reduce employee head count, real estate lease impairments, terminations and related fixed asset charges that will allow us additional flexibility to match our additional changes in the need for space based on our head count, as well as the disposition of several small agencies.
These repositioning charges totaled $278 million, which reduced our year-to-date net income by $223 million and diluted earnings per share by $1.03.
Additionally, our results for the nine-months ended September 30 include the benefit of reductions in salary and related costs, which increased operating profit by $117.8 million related to reimbursements and tax credits under the government programs we've previously discussed.
Returning to the details of our revenue performance on slide four, while the decrease was significantly better than the reductions in client spending we experienced during the second quarter, demand for our services continued to decline compared to last year's levels, as marketers continued to manage expenditures due to the economic impact of the pandemic on their businesses.
Our reported revenue for the third quarter was $3.2 billion, down $417 million or 11.5% from Q3 of 2019.
As you can see on slides eight and nine, and as you would expect, certain client industry sectors continued to be more negatively affected than others.
Our clients and industries such as travel and entertainment and energy, as well as non-essential retail, are continuing to reduce their marketing communication expenditures to match the declines in those business sectors.
However, during the quarter, we continued to see clients in the pharma and healthcare industries, as well as the technology and telecommunications industries fair better.
The disciplines that are most negatively impacted were CRM consumer experience, primarily from our events businesses, and CRM execution and support, primarily due to our field marketing and non-profit agency businesses.
And our advertising discipline, including media, experienced declines similar to our overall organic decline.
A considerable amount of the revenue decline in these businesses resulted from reductions in third-party service costs incurred when providing services for our clients when we act as a principal.
These third-party service costs, which fluctuate directly with changes in revenue, declined across all of our disciplines by just under $200 million in Q3 of 2020 versus Q3 of 2019.
Turning to the FX impact, on a year-over-year basis, the strength of the U.S. dollar moderated against our foreign currencies.
For the first time since Q2 of 2018, the FX impact increased our reported revenue.
The impact of changes in exchange rates increase reported revenue by 0.5% or $18 million in revenue for the quarter.
On a reported basis, the dollar's performance was mixed this quarter, weakening against some of our major foreign currencies, while strengthening against others.
In the quarter, the dollar weakened against the euro, the U.K. pound and the Australian dollar, while the dollar strengthened against the Brazilian reais, Russian ruble and the Mexican peso.
Looking forward, if currencies stay where they currently are, we anticipate that the FX impact would slightly increase our reported revenue by approximately 50 basis points in Q4.
And for the full year, the FX impact would be negative by about 50 basis points.
The impact of our recent acquisition of DMW in the U.K. that we completed at the beginning of the third quarter, net of our disposition activity, decreased revenue by $11.3 million in the quarter or 0.3%, which was in line with the estimate we made entering the quarter.
Inclusive of the disposition activity through September 30 and not including any acquisitions or dispositions we may complete before the end of the year, we estimate the projected net impact of our acquisition and disposition activity will reduce reported revenue by approximately 50 basis points in the fourth quarter of 2020.
Our organic revenue decreased approximately $424 million or 11.7% in the third quarter when compared to the prior year.
As mentioned earlier, our revenue was down in Q2 across all major geographic markets.
But the percentage decreases in organic revenue were significantly lower than those we experienced in the second quarter.
Within our service disciplines, our healthcare agencies saw increased activity across all regions, resulting in organic revenue growth for that discipline, while both of our CRM disciplines, particularly our events and field marketing businesses, continue to face significant disruptions to their businesses due to the impact of COVID-19.
Turning to our mix of business by discipline on page five.
For the second quarter, the split was 56% for advertising, and 44% for marketing services.
As for the organic change by discipline, advertising was down 11.7%, with our media businesses seeing a significant improvement organically compared to the second quarter, when media activity slowed considerably.
Our global and national advertising agencies also improved their organic performance this quarter compared to the second quarter, although performance by agency was mixed.
CRM consumer experience was down 19% for the quarter.
The strongest performance in the discipline came from our precision marketing agencies, which were down globally around 5%.
Our events businesses in the discipline continue to face significant challenges as they adapt their business models to the new operational realities due to COVID.
And our shopper and brand consulting agencies continue to experience COVID-19 headwinds.
CRM execution and support was down 19.4% as our field marketing and non-profit consulting businesses lagged for the quarter.
PR, while mixed by market, was down 3.4%.
And our healthcare agencies continued to turn in strong performances across the portfolio, this quarter up organically 3.8% with growth across all geographic regions.
Now turning to the details of our regional mix of business on page six.
You can see the quarterly split was 55% in the U.S., 3% for the rest of North America, 10% in the U.K., 17% for the rest of Europe, 12% for Asia-Pacific, 2% in Latin America and 1% for the Middle East and Africa.
The mix in Q3 is fairly consistent with what we saw by region in the first and second quarters of the year.
In reviewing the details of our performance by region on slide seven, organic revenue in the second quarter in the U.S. was down $227 million or 11.4%, which is an improvement over the Q2 results when organic revenue fell by over 20% domestically.
For the quarter, our events businesses again experienced our largest organic decline in the U.S.
Our domestic specialty healthcare agencies were positive organically, while we again saw decreases in our advertising and media businesses, but at decreased levels from Q2.
And our domestic PR and precision marketing agencies were just about flat compared to Q3 of 2019, solid performance considering the overall environment.
Outside the U.S., our other North American agencies were down just under 8% or $8 million.
Our U.K. agencies were down $43 million or 12.5%.
Positive performance from our precision marketing and healthcare agencies was offset by reductions from our other businesses.
The rest of Europe was down 9.6% organically, a significant improvement over Q2 when organic revenue fell nearly 30%.
In the eurozone among our major markets, Germany and Italy were down single-digits.
Ireland, the Netherlands and Spain were down between 10% and 20%, while France continued to lag behind the other markets.
Outside the eurozone, our organic growth was flat during the quarter.
Organic revenue growth in Asia-Pacific for the quarter was negative 12.8%.
Our agencies in Greater China and Australia were down single-digits, while in Japan and India, we saw similar decreases in Q3 as we did in Q2.
Latin America was down 22.3% or $22 million organically in the quarter, driven by the continuing weakness from our agencies in Brazil.
And lastly, the Middle East and Africa was negative again for the quarter.
Turning to slides eight, nine and 10, we present our mix of revenue by our clients' industry sector.
When comparing the year-to-date revenue for 2020 to 2019, we continue to see a small shift in our mix with increased contribution from our pharma and technology clients, while travel and entertainment and financial services decreased.
Turning to our cash flow performance on slide 11, you can see that in the first nine months of 2020, we generated $1.14 billion in free cash flow, excluding changes in working capital, down when compared to the same period in 2019.
But the $412 million generated in the third quarter was up a bit versus the $394 million generated during Q3 of 2019.
As for our primary uses of cash on slide 12, dividends paid to our common shareholders were $423 million, effectively unchanged when compared to last year.
Dividends paid to our noncontrolling interests shareholders decreased to $58 million.
Capital expenditures in the first nine months of the year were $50 million, down when compared to last year.
As we've talked about on our prior calls, we have limited our capital spending in the near term to only those deemed essential.
Acquisitions, including earnout payments, totaled just under $105 million and stock repurchases, net of the proceeds received from stock issuances under our employee share plans, totaled just over $216 million, a decrease compared to last year, reflecting the suspension of our share repurchase program in mid-March.
As a result of our continuing efforts to prudently manage the use of our cash, we were able to generate $284 million in free cash flow during the first nine months of 2020, $141 million of which was generated in the third quarter alone.
Turning to our capital structure as of September 30, our total debt was a little under $5.8 billion, up $670 million since this time last year.
Major components of the change were the retirement of $600 million of dollar-denominated senior notes, which were due earlier this year, replacing those borrowings with $1.2 billion of 10-year senior notes due in 2030, along with the FX impact of converting the EUR1 billion of euro-denominated borrowings into dollars at the balance sheet date.
Versus December 31, 2019, gross debt at the end of the quarter was up $641 million, primarily as a result of the $600 million issuance of U.S.-denominated senior notes in early April.
Our net debt position at the end of the quarter was just over $2.5 billion, up about $1.7 billion compared to year-end December 31, 2019, an improvement of $166 million for the comparative prior-year last 12-month period, reflecting the results of our improved cash management.
The increase in net debt since December 31, 2019 was a result of the use of working capital of about $1.8 billion, plus the impact of FX on our cash and debt balances, which increased net debt by $120 million.
Partially offsetting those increases was the free cash flow we generated during the first nine months of the year of $284 million.
Over the past 12 months, our net debt is down $166 million, primarily driven by our excess free cash flow of approximately $500 million.
Offsetting this was the reduction in operating capital during the past 12 months of approximately $230 million and the negative impact of FX, which totaled around $55 million.
As for our debt ratios, our total debt-to-EBITDA ratio was 3.1 times and our net debt-to-EBITDA ratio was 1.4 times.
And finally moving to our historical returns on page 14.
For the last 12 months, our return on invested capital ratio was 17.7%, while our return on equity was 37.7%, both reflecting the decline in operating results, driven by the economic effects of the pandemic, as well as the impact of repositioning charges we took back in the second quarter.

user
compname reports q3 earnings per share $1.45.
q3 earnings per share $1.45.
worldwide revenue in q3 decreased 11.5% to $3,206.5 million from q3 of 2019.
worldwide revenue in q3 of 2020 decreased 11.5% to $3,206.5 million from $3,623.8 million in q3 of 2019.
reduction in co's revenue continued during second and third quarters of 2020 and is expected to continue for remainder of year.
operating margin for q3 of 2020 increased to 15.6% versus 13.1% for q3 of 2019.
qtrly decrease in revenue from negative organic growth of 11.7%.
qtrly change in revenue included increase in revenue from positive impact of foreign currency translation of 0.5%.
reductions in revenue could adversely impact ongoing results of operations and financial position and effects could be material.

assistant