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Revenues up 7% YoY in Q3 2017 for ManpowerGroup

ManpowerGroup has reported that net earnings per diluted share for the three months ended 30th September 2017 were $2.04 compared to $1.87 in the prior year period. Net earnings in the quarter were $137.7m compared to $129.2m a year earlier. Revenues for the third quarter were $5.5 billion, an increase of 7% from the year earlier period.

Financial results in the quarter were impacted by stronger foreign currencies relative to the U.S. dollar compared to the prior year period.  On a constant currency basis, revenues increased 4% and net earnings per diluted share increased 6%.  Earnings per share in the quarter were positively impacted 6 cents by changes in foreign currencies compared to the prior year.

Jonas Prising, ManpowerGroup chairman & CEO, said, "We made good progress with solid results in the third quarter and we are well positioned to finish 2017 with strong performance. Our market-leading global footprint and extensive portfolio of workforce solutions continue to resonate well with our clients and candidates.  We expect the broad-based global improvement in both employer hiring intentions and economic growth to provide us with good opportunities for continued profitable growth.

"We are anticipating the fourth quarter of 2017 diluted net earnings per share to be in the range of $2.01 to $2.09, which includes an estimated favorable currency impact of 12 cents.”

Net earnings for the nine months ended 30th September 2017 were $329.1m, or $4.84 per diluted share compared to net earnings of $316.3m, or $4.42 per diluted share in the prior year. The year to date period included restructuring costs which reduced earnings per share by 41 cents and discrete income tax benefits in the first quarter which increased earnings per share by 19 cents. Revenues for the nine-month period were $15.4 billion, an increase of 5% from the prior year in reported U.S. dollars and in constant currency.  Foreign currency exchange rates had no impact on earnings per share for the nine-month period in 2017. 

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