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Manpower Reports 2nd Quarter and First Half 2010 Results

Manpower Reports 2nd Quarter and First Half 2010 Results
MILWAUKEE, Manpower Inc. has reported that net earnings in the quarter were $32.7 million compared to $16.3 million a year earlier. Revenues for the second quarter were $4.6 billion, an increase of 21 percent from the year earlier period, or an increase of 24 percent in constant
Second quarter 2010 results include the COMSYS acquisition which was completed on April 5, 2010. Revenue growth on an organic basis, excluding the impact of COMSYS was 16%, or 19% on a constant currency basis. Second quarter results also include an unfavorable impact from currency of 2 cents per diluted share.
Manpower Inc. Chairman and Chief Executive Officer Jeffrey A. Joerres said, "The improving secular trends are continuing as companies across all major geographies are adding flexible talent to their organizations.
"We are constantly monitoring the economic trends and their potential uncertainties however, we have not felt any slowdown as we enter the third quarter. Our investments in infrastructure, key initiatives, and an outstanding team were the prime accelerants to the strong performance in the second quarter. Germany, Sweden, U.K., U.S., Canada, Mexico, France and Italy all had extremely strong revenue growth throughout the quarter.
"The integration of COMSYS into our U.S. Professional staffing business is well ahead of schedule, and revenue growth is exceeding expectations.
"We are anticipating the third quarter of 2010 diluted earnings per share to be in the range of 41 cents to 51 cents, which includes an estimated unfavorable currency impact of 4 cents," Joerres stated.
Earnings per diluted share for the six months ended June 30, 2010 were 44 cents compared to 18 cents per diluted share in 2009. Net earnings were $35.5 million compared to $14.5 million in the prior year. Revenues for the six-month period were $8.7 billion, an increase of 17 percent from the prior year or 15 percent in constant currency. Foreign currency exchange rates had a favorable impact of 1 cent for the six-month period.


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