ManpowerGroup reports 4th quarter and full year 2014 results
The net earnings in the quarter were $117.2 million compared to $101.2 million a year earlier. Revenues for the fourth quarter totalled $5.1 billion, a decrease of 2 percent in U.S. dollars from the year earlier period and an increase of 5 percent in constant currency.
Included in the prior year fourth quarter results is a restructuring charge related to our simplification and cost recalibration plan of $26.5 million ($19.4 million after tax or 24 cents per diluted share). There were no restructuring charges in the current year quarter. Fourth quarter results were unfavourably impacted by 13 cents per diluted share as foreign currencies were relatively weaker compared to the prior year.
Jonas Prising, ManpowerGroup CEO, said, "We are pleased with our results in the 4th quarter, capping off a year of very good financial performance and margin expansion, continued progress on our strategic initiatives and leadership in workforce solutions. We enter into 2015 with a determination to drive profitable growth, while delivering on our long term ambitions and strategic objectives. We have the market opportunity, we have a strong plan and with our team of talented people across our great company, we will pursue our objectives with discipline, focus and passion for the business.
"We are anticipating diluted earnings per share in the first quarter of 2015 to be in the range of 73 to 81 cents which includes an estimated unfavourable currency impact of 15 cents."
Net earnings per diluted share for the year ended December 31st, 2014 was $5.30 compared to $3.62 per diluted share in 2013. Net earnings were $427.6 million compared to $288.0 million in the prior year. Revenues for the year were $20.8 billion, an increase of 3 percent in U.S. dollars from the prior year and 4 percent in constant currency.
Included in the 2013 full year results are restructuring costs of 82 cents per diluted share. There were no restructuring charges in 2014. 2014 results were unfavorably impacted by 10 cents per diluted share due to changes in foreign currencies compared to the prior year.