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ManpowerGroup Remains Appropriately Optimistic

ManpowerGroup Remains Appropriately Optimistic

ManpowerGroup Reports 4th Quarter and Full Year 2012 Results

ManpowerGroup has reported net earnings of 68 centsper diluted share for the three months ended December 31, 2012 compared to 78 centsper share in the prior period. The net earnings in the quarter were $53.3 millioncompared to $63.6 milliona year earlier. Revenues for the fourth quarter totaled $5.2 billion, a decrease of 5 percent from the year earlier period, or a decrease of 4 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 $26.6 million($18.3 millionafter tax or 23 centsper diluted share). Included in the prior year fourth quarter is a reorganization charge of $20.5 million($16.3 millionafter tax or 20 centsper diluted share). Excluding these charges, net earnings per diluted share for the three months ended December 31, 2012 declined 7 percent to 91 centsper share compared to 98 centsper share in the year earlier period. Fourth quarter results were unfavorably impacted by 1 centper diluted share as foreign currencies were relatively weaker compared to the prior year.

"We finished 2012 with a solid fourth quarter performance. Our team was able to achieve a modest revenue increase compared to the third quarter while pursuing strong price discipline and intense expense management. Our free cash flow was strong, aided by good collection activity. All offerings performed well, with ManpowerGroup Solutions and Right Management leading the way with revenue growing 7 percent in constant currency.

"We remain appropriately optimistic as we look into 2013. We are on guard for potential disruption in all markets, particularly Europe, but at this time we do not anticipate any dramatic negatives. Our first quarter is traditionally a seasonally challenging period and given the tepid demand environment, we are anticipating the first quarter of 2013 diluted earnings per share to be in the range of 40 cents to 48 centsbefore reorganization charges."

Net earnings per diluted share for the year ended December 31, 2012 was $2.47compared to $3.04per diluted share in 2011. Net earnings were $197.6 millioncompared to $251.6 millionin the prior year. Revenues for the year were $20.7 billion, a decrease of 6 percent from the prior year, or 1 percent in constant currency.

Earnings for the full year 2012 include reorganization costs and legal settlement costs of 48 centsper diluted share. Earnings in the prior year include reorganization costs of 20 centsper diluted share. Excluding these charges, net earnings per diluted share for 2012 declined 9 percent to $2.95per share compared to $3.24the prior year. Additionally, 2012 results were unfavorably impacted by 15 centsper diluted share due to changes in foreign currencies compared to the prior year.

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