Connecting to LinkedIn...

Blank

ManpowerGroup Reports 3rd Quarter 2011 Results

ManpowerGroup Reports 3rd Quarter 2011 Results

ManpowerGroup (NYSE: MAN) today reported that earnings per diluted share for the three months ended September 30, 2011 were 97 cents compared to 62 cents in the prior year period. Net earnings in the quarter were $79.6 million compared to $51.3 million a year earlier. Revenues for the third quarter were $5.8 billion, an increase of 16 percent from the year earlier period, or an increase of 9 percent in constant currency.

Third quarter results were favorably impacted by 8 cents per diluted share, as foreign currencies were relatively stronger compared to the third quarter of 2010.

Jeffrey A. Joerres, ManpowerGroup Chairman and CEO, said, "We experienced solid growth throughout all geographies. In the third quarter, our strategic investments in differentiation, diversification and productivity contributed to our operating profit increase of 45%. Our core business, Manpower, continues to grow despite the tepid economic environment, while our professional and project-based resourcing business, Experis, and our solutions business are rapidly adding to profitability and enhancing ManpowerGroup's positioning with our clients.

"We are anticipating the fourth quarter of 2011 diluted earnings per share to be in the range of 85 cents to 95 cents, which includes an estimated favorable currency impact of 3 cents. This is before expected reorganization charges of 15 to 20 cents per diluted share," Joerres stated.

Earnings per diluted share for the nine months ended September 30, 2011 were $2.26 compared to $1.06 per diluted share in 2010. Net earnings were $188.0 million compared to $86.8 million in the prior year. Revenues for the nine-month period were $16.5 billion, an increase of 21 percent from the prior year, or an increase of 14 percent in constant currency. Foreign currency exchange rates had a favorable impact of 22 cents for the nine-month period.

In conjunction with its third quarter earnings release, ManpowerGroup will broadcast its conference call live over the Internet on October 21, 2011 at 7:30 a.m. CDT (8:30 a.m. EDT). Interested parties are invited to listen to the webcast and view the presentation by logging on to http://www.manpowergroup.com/investors.

Supplemental financial information referenced in the conference call can be found at http://www.manpowergroup.com/investors.

Tags:

Articles similar to

Articles similar to