ManpowerGroup Reports 4th Quarter and Full Year 2011 Results
ManpowerGroup (NYSE: MAN) today reported net earnings of 78 cents per diluted share for the three months ended December 31, 2011 compared to a net loss of $4.29 per share in the prior period. The net earnings in the quarter were $63.6 million compared to a net loss of $350.4 million a year earlier. Revenues for the fourth quarter totaled $5.5 billion, an increase of 5 percent from the year earlier period, or an increase of 6 percent in constant currency.
Included in the current year fourth quarter results is a reorganization charge, primarily related to office consolidations and severance costs, of $20.5 million ($16.3 million after tax or 20 cents per diluted share). Net earnings in the quarter were not significantly impacted by changes in foreign currencies.
Prior year fourth quarter results included a goodwill and intangible asset impairment charge of $4.70 per diluted share and a reorganization charge of 25 cents per diluted share.
"We had a strong fourth quarter performance," Jeffrey A. Joerres, ManpowerGroup Chairman and CEO, said. "The team executed well both operationally and strategically — we were able to achieve a 29% increase in underlying operating profit for the fourth quarter and 61% for the year, while substantially moving forward our strategic drivers.
"Our Solutions business continued to gain momentum as our clients are valuing our portfolio of offerings. Asia continued to lead the pack in revenue and profitability growth.
"We are cautiously optimistic about the first quarter, given the economic back drop, but any sizable disruption in Europe would affect our performance," added Joerres. "We are anticipating the first quarter of 2012 diluted earnings per share to be in the range of 30 cents to 38 cents with an unfavorable currency impact of 2 cents per share."
Net earnings per diluted share for the year ended December 31, 2011 was $3.04 compared to a loss of $3.26 per diluted share in 2010. Net earnings were $251.6 million compared to a loss of $263.6 million in the prior year. Revenues for the year were $22.0 billion, an increase of 17 percent from the prior year, or 12 percent in constant currency.
Earnings per diluted share for the full year 2011 include the fourth quarter reorganization costs discussed above of 20 cents per diluted share. Additionally, 2011 results were favorably impacted by 22 cents per diluted share due to changes in foreign currencies compared to the prior year. The full year 2010 results include the goodwill and intangible asset impairment charge and reorganization costs discussed above of $4.98 per diluted share for the year.
In conjunction with its fourth quarter and full year earnings release, ManpowerGroup will broadcast its conference call live over the Internet on February 1, 2012 at 7:30 a.m. CT (8:30 a.m. ET). 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.