It has been about a month since the last earnings report for Omnicom (OMC). Shares have lost about 5.6% in that time frame, underperforming the S&P 500.Will the recent negative trend continue leading up to its next earnings release, or is Omnicom due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts. Omnicom Surpasses Q1 Earnings EstimatesOmnicom reported solid first-quarter 2019 results wherein the company’s earnings and revenues surpassed the Zacks Consensus Estimate.Adjusted earnings of $1.17 per share beat the consensus mark by 9 cents and increased 2.6% on a year-over-year basis. Total revenues of $3.5 billion beat the consensus estimate by $2 million but decreased 4.4% year over year on a reported basis. The year-over-year decrease was due to negative foreign exchange rate impact of 3.4% and a decrease in acquisition revenues, net of disposition revenues of 3.6%, partially offset by organic revenue growth of 2.5%.Revenues by SegmentAdvertising segment revenues of $1.9 billion increased 1.1% year over year on a reported basis and 5.1% organically. The segment accounted for 55% of total revenues in the reported quarter. CRM Consumer Experience revenues of $605.8 million declined 4.6% year over year on a reported basis and 0.6% organically. The segment contributed 18% to total revenues.CRM Execution & Support revenues of $349.5 million decreased 31.3% year over year on a reported basis and 3.3% organically. It accounted for 10% of total revenues. PR revenues of $334.2 million declined 3.5% year over year on a reported basis and 0.5% organically. It contributed 10% to total revenues. Healthcare revenues of $258.1 million were up 8.2% year over year on a reported basis and 6.8% organically. It accounted for 7% of total revenues.Revenues by RegionsRevenues from United States came in at $1.9 billion, up 0.2% year over year on a reported basis and 2% organically. The region accounted for 54% of total revenues in the reported quarter. Revenues from Other North America came in at $105.1 million, up 0.4% year over year on a reported basis and 6.1% organically. The region accounted for 3% of total revenues.Revenues from UK came in at $338.7 million, down 5.4% year over year on a reported basis but up 1.3% organically. It accounted for 10% of total revenues. Euro & Other Europe revenues of $606.8 million declined 14.8% year over year on a reported basis but improved 4% organically. The region contributed 18% to total revenues.Revenues from Asia Pacific came in at $366.2 million, down 6.6% year over year on a reported basis but increased 2.1% organically. It accounted for 11% of total revenues. Latin American revenues of $89 million declined 17.9% year over year on a reported basis but improved 3% organically. It contributed 3% to total revenues. Revenues from the Middle East and Africa were $79 million, up 7.6% year over year on a reported basis and 12.8% organically. It accounted for 2% of total revenues.Operating ResultsOperating profit in the quarter increased 1.7% year over year to $428.9 million. Operating margin increased to 12.4% from 11.6% in the year-ago quarter. Earnings before interest, taxes and amortization (EBITA) for the reported quarter were $450.5 million, slightly up from $449.2 million in the year-ago quarter. EBITA margin came in at 13% compared with 12.4% in the year-ago quarter.Cash FlowThe company used $395.6 million in operating activities and generated free cash flow of $340.7 million in the quarter. Capital expenditures were $27.2 million. It paid $134.8 million as dividends to common shareholders.How Have Estimates Been Moving Since Then?In the past month, investors have witnessed an upward trend in fresh estimates.VGM ScoresAt this time, Omnicom has a poor Growth Score of F, however its Momentum Score is doing a bit better with a D. Charting a somewhat similar path, the stock was allocated a grade of C on the value side, putting it in the middle 20% for this investment strategy.Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookEstimates have been trending upward for the stock, and the magnitude of this revision looks promising. It comes with little surprise Omnicom has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Omnicom Group Inc. (OMC): Free Stock Analysis Report To read this article on Zacks.com click here.