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ManpowerGroup Reports Mild But Steady Decline

ManpowerGroup Reports Mild But Steady Decline

ManpowerGroup has reported that net earnings per diluted share for the three months ended June 30, 2012 were 51 cents compared to 87 cents in the prior year period. Net earnings in the second quarter were $41.0 million compared to $72.7 million a year earlier. Revenues for the second quarter were $5.2 billion, a decrease of 8 percent from the year earlier period, or a decrease of 1 percent in constant currency. Included in the current year second quarter results is a reorganization charge of $18.7 million ($13.9 million after tax or 17 cents per diluted share) and legal settlement costs of $10.0 million ($6.5 million after tax or 8 cents per diluted share). Excluding these charges, earnings per diluted share in the quarter were 76 cents. Net earnings in the second quarter were unfavorably impacted by 7 cents per diluted share, as foreign currencies were relatively weaker compared to the prior year period.

ManpowerGroup Chairman and CEO Jeffrey A. Joerres, said, "The second quarter underscored our ability to execute well in a difficult environment. It was a quarter in which we experienced mild but steady declines in revenue throughout the quarter. Europe, which comprises 65% of our business, not surprisingly experienced the most decline in the quarter. "Our investments and execution in our Solutions business continued to generate strong revenue and earnings as well as contribute to our goal of gross margin expansion."

We are anticipating the third quarter of 2012 diluted earnings per share to be in the range of 64 to 72 cents, which includes an estimated unfavorable currency impact of 8 cents," Joerres stated. Earnings per diluted share for the six months ended June 30, 2012 were $1.01 compared to $1.30 per diluted share in 2011. Net earnings for the period were $81.2 million compared to $108.4 million in the prior year. Revenues for the six-month period were $10.3 billion, a decrease of 4 percent from the prior year or an increase of 1 percent in constant currency. Earnings per diluted share for the current year six month period include the reorganization costs and legal costs discussed above of 25 cents per diluted share. Foreign currency exchange rates had an unfavorable impact of 9 cents for the six-month period.

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