ManpowerGroup reports 3% decrease in revenues
ManpowerGroup has reported its fourth quarter and full year 2015 results.
The group has reported net earnings of $1.66 per diluted share for the three months ended 31st December 2015 compared to $1.47 per diluted share in the prior year period.
Net earnings in the quarter were $123.9m compared to $117.2m a year earlier. Revenues for the fourth quarter totalled $5.0 billion, a decrease of 3% from the prior year’s fourth quarter.
On a constant currency basis, revenue increased 7% and net earnings per diluted share increased 24%. Earnings per share were negatively impacted 16 cents by changes in foreign currencies compared to the prior year. The quarter also included a favourable impact from a lower income tax rate, as the full year amount of the U.S. Workers Opportunity Tax Credit (WOTC) was recorded upon legislative approval in December 2015.
Jonas Prising, ManpowerGroup chairman & CEO, said, "We are pleased with our solid performance in the 4th quarter, with good top line and bottom line performance, capping off a very good year. We made significant operational and strategic progress during the course of 2015 and are well positioned to further build on this progress as we enter the new year.
"Our workforce solutions are ideally suited to help companies adapt and prosper in a volatile and uncertain environment, and at the same time help millions of individuals find meaningful employment all over the world. That is the foundation of our confidence and passion for our business in 2016 and beyond.
"We are anticipating diluted earnings per share in the first quarter of 2016 to be in the range of 87 to 95 cents which includes an estimated unfavourable currency impact of 4 cents.”
Net earnings per diluted share for the year ended 31st December 2015 was $5.40 compared to $5.30 per diluted share in 2014. Net earnings were $419.2m compared to $427.6m in the prior year. Revenues for the year were $19.3 billion, a decrease of 7% in U.S. dollars from the prior year and an increase of 7% in constant currency.
2015 earnings were unfavourably impacted by 81 cents per diluted share due to changes in foreign currencies compared to the prior year.