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Manpower Inc. Reports 3rd Quarter 2010 Results

Manpower Inc. Reports 3rd Quarter 2010 Results

Manpower Inc has reported revenues for the third quarter were $5.0 billion, an increase of 19 percent from the year earlier period, or an increase of 24 percent in constant currency.

Third quarter 2009 results include a loss on the sale of an equity investment and a goodwill impairment charge totaling $71.3 million ($66.3 million after tax) or 84 cents per diluted share. Also included in third quarter 2009 results is a $7.5 million ($4.6 million after tax) or 6 cents per diluted share charge related to the repayment of our revolver borrowings and the extinguishment of an interest rate swap agreement. Excluding these charges, third quarter 2009 net earnings would have been $18.1 million, or 23 cents per diluted share.

Jeffrey A. Joerres, Manpower Inc. Chairman and Chief Executive Officer, said, "Our team around the world did an outstanding job in the third quarter. We were able to sustain our growth from the second quarter and substantially improve our operating margin. We continue to benefit from our office network and strong portfolio of offerings.

"The U.S., Germany and the U.K. did particularly well, as did the emerging markets. The trends continue to be strong for our industry, and we continue to hear and experience encouraging signs from our clients.
"We are anticipating the fourth quarter of 2010 diluted earnings per share to be in the range of $.54 to $.62, which includes an estimated negative currency impact of 2 cents. This is before expected reorganization charges related to Right Management and Jefferson Wells of 15 to 20 cents per share," Joerres stated.

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