ManpowerGroup reports steady revenue increase in Q2 and H1 2016
ManpowerGroup today reported that revenues for the second quarter were $5.0 billion, an increase of 3% from the prior year period.
Net earnings for the three months ended 30th June 2016 were $115.4m, or $1.60 per diluted share compared to net earnings of $105.7m, or $1.33 per diluted share in the prior year period.
ManpowerGroup said financial results in the quarter were impacted by the stronger U.S. dollar relative to several foreign currencies compared to the prior year period.
It stated on a constant currency basis, revenues increased 5% and earnings per share increased 22%. Earnings per share in the quarter were negatively impacted two cents by changes in the foreign currencies compared to the prior year.
ManpowerGroup chairman and chief executive, Jonas Prising, said, "We are pleased with our second quarter results, contributing to a good first half of 2016. We were able to deliver solid results despite a softening and more uncertain global economic growth environment.
"Many organizations are looking for a trusted partner such as ManpowerGroup to help them adjust to the new normal of certain uncertainty. Our global presence and broad range of services and solutions makes us very well positioned to provide workforce solutions to our clients throughout the world.
"We are anticipating the third quarter of 2016 diluted earnings per share to be in the range of $1.66 to $1.74, which includes an estimated unfavourable currency impact of 3 cents.”
Net earnings for the first half of 2016 (the six months ended 30th June 2016) were $187.1m, or $2.57 per diluted share compared to net earnings of $171.4m, or $2.16 per diluted share in the prior year.
Revenues for the six-month period were $9.6 billion, an increase of 2% from the prior year or an increase of 5% in constant currency.
Foreign currency exchange rates had an unfavourable impact of 5 cents per share for the six-month period.