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Manpower Reports 4th Quarter and Full Year 2010 Results

Manpower Reports 4th Quarter and Full Year 2010 Results

Manpower Inc. today reported a net loss of $4.29 per diluted share for the three months ended December 31, 2010 compared to net earnings of 37 cents in the prior year period. The net loss in the quarter was $350.4 million compared to net earnings of $29.1 million a year earlier. Revenues for the fourth quarter totaled $5.2 billion, an increase of 18% from the year earlier period, or an increase of 22% in constant currency.

Included in the fourth quarter results is a non-cash goodwill and intangible asset impairment charge of $428.8 million ($384.3 million after tax, or $4.70 per diluted share) and a reorganization charge, primarily related to office consolidations and severance costs, of $30.5 million ($20.6 million after tax or 25 cents per diluted share). Excluding the impairment and reorganization charges, earnings per diluted share was 66 cents. Net earnings in the fourth quarter were unfavorably impacted by 2 cents per diluted share, as foreign currencies were relatively weaker compared to the prior year period.

Jeffrey A. Joerres, Manpower Inc. Chairman and CEO, said, "2010 was a very strong year for us and the fourth quarter was no different. Our revenue growth in all geographies remains robust and we continue to leverage our office structure to drive profitability. Europe performed exceptionally, as did our IT staffing. We also experienced strong trends in our solutions offerings.

"We move into 2011 with much more confidence, a more complete set of solutions and a stronger organization. We are optimistic for a successful 2011.

"We are anticipating the first quarter of 2011 diluted earnings per share to be in the range of 26 cents to 34 cents with a negligible impact from currency."

Net earnings per diluted share for the year ended December 31, 2010 was a loss of $3.26 compared to a loss of 12 cents per diluted share in 2009. Net earnings were a loss of $263.6 million compared to a loss of $9.2 million in the prior year. Revenues for the year were $18.9 billion, an increase of 18% from the prior year, or 19% in constant currency.

Earnings per diluted share for the full year 2010 include the fourth quarter goodwill and intangible asset impairment charge and reorganization costs discussed above ($4.98 per diluted share for the year). Additionally, 2010 results were unfavorably impacted by 4 cents per diluted share due to changes in foreign currencies compared to the prior year. Included in the full year 2009 results is a loss on the sale of an equity investment and goodwill impairment charge totaling 85 cents, a charge of 6 cents related to the repayment of our revolver borrowings and extinguishment of an interest rate swap, and reorganization charges totaling 31 cents.

In conjunction with its fourth quarter earnings release, Manpower will broadcast its conference call live over the Internet on February 2, 2011 at 7:30 a.m. CST (8:30 a.m. EST). Interested parties are invited to listen to the webcast and view the presentation by logging on to http://investor.manpower.com.

Supplemental financial information referenced in the conference call can be found at http://investor.manpower.com.

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