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ManpowerGroup Q1 2016 net earnings up to $71.7m

ManpowerGroup has reported that net earnings for the three months ended 31st March 2016 were $71.7m, or 98 cents per diluted share, compared to net earnings of $65.7m, or 83 cents per diluted share, a year earlier.


Revenues for the first quarter were $4.6 billion, an increase of 1% from the prior year period. Gross profit was $773.8m, up from $762.0m in Q1 2015.


The company says that financial results in the quarter were impacted by the stronger US dollar relative to several foreign currencies compared to the prior year period.  On a constant currency basis, revenues increased 5% and earnings per share increased 22%.  Earnings per share in the quarter were negatively impacted 3 cents by changes in foreign currencies compared to the prior year.


Jonas Prising, ManpowerGroup chairman & CEO, said, "We are pleased with our performance in the 1st quarter, starting the year on a positive note. The global environment continues to be uneven, with some countries continuing on their path of slow and steady growth and others struggling to gain traction.


"This is the kind of environment where our workforce solutions can be instrumental in helping companies execute their business strategies, and at the same time provide millions of job seekers with opportunities for quality employment. We are committed to delivering outstanding service quality to our clients and candidates, helping them succeed in an uncertain environment.


"We anticipate second quarter earnings per share will range between $1.47 to $1.55, which includes an estimated unfavorable currency impact of 2 cents."

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