Manpower Q3 Results
Manpower Inc. has reported that revenues for the third quarter were $5.7 billion, an increase of 7 percent from the year earlier period. Net earnings were $139.7 million compared to $351.6 million in the prior year. Third quarter 2008 results include a goodwill and intangible asset impairment charge of $163.1 million ($154.6 million after tax) related to its investment in Right Management.
Jeffrey A. Joerres, Manpower Inc. Chairman and Chief Executive Officer, said, "The slowdown that we have been experiencing in the U.S. has now moved to Europe. While we are still seeing year-over-year growth in some of our European operations, we expect the full impact of the economic slowdown has yet to be felt by the labor market. Our emerging markets continue to grow at a rapid pace.
"We will continue to benefit from a geographically balanced business, diverse portfolio of services and well-equipped Manpower team that will take advantage of the opportunities that are presented in an economic downturn.
Revenues for the nine-month period were $17.0 billion, an increase of 14 percent from the prior year or 5 percent in constant currency.