ManpowerGroup has released its results for the first quarter of 2018.
The company’s net earnings for the three months ended 31st March 2018 were $97.0m, or $1.45 per diluted share, compared to net earnings of $74.4m, or $1.09 cents per diluted share, a year earlier. Revenues for the first quarter were $5.5 billion, an increase of 16% from the prior year period. The current year quarter included restructuring costs which reduced earnings per share by 27 cents.
Financial results in the quarter were also significantly impacted by stronger foreign currencies relative to the US dollar compared to the prior year period. On a constant currency basis, revenues increased 5% and net earnings per diluted share increased 20%. Earnings per share in the quarter were positively impacted 14 cents by changes in foreign currencies compared to the prior year, or 17 cents excluding the restructuring costs.
Jonas Prising, ManpowerGroup chairman & CEO, said, "We are pleased with the solid start to the year, with strong revenue growth, improved productivity and increased earnings. We are seeing good broad-based demand globally for our services and workforce solutions. We are very well placed to seize future growth opportunities thanks to our industry leading global footprint and extensive portfolio of innovative workforce solutions.
"We anticipate second quarter earnings per share will be between $2.33 and $2.41 , which includes an estimated favorable currency impact of 18 cents and excludes restructuring costs."
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