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Revenues up 9% in Q2 2018 for ManpowerGroup

ManpowerGroup has released its results for the second quarter and first half of 2018.


The company reported that net earnings for the three months ended 30th June 2018 were $143.4m, or $2.17 per diluted share compared to net earnings of $117.0m, or $1.72 per diluted share in the prior year period.  Revenues for the second quarter were $5.7 billion, an increase of 9% from the prior year period.


The current year quarter included restructuring costs which reduced earnings per share by 18 cents.  Included in the prior year quarter are restructuring costs which reduced earnings per share by 10 cents.


Financial results in the quarter were also impacted by stronger foreign currencies relative to the US dollar compared to the prior year period. On a constant currency basis, revenues increased 4% and earnings per share increased 21%.  Earnings per share in the quarter were positively impacted 9 cents by changes in foreign currencies compared to the prior year, or 10 cents excluding the restructuring costs.


ManpowerGroup chairman & CEO, Jonas Prising, said, "Our solid second quarter results contributed to a good first half of 2018. Demand for our innovative workforce solutions remains strong and with our market leading global footprint this environment should provide us with opportunities for profitable growth.


"We anticipate the third quarter diluted earnings per share to be in the range of $2.37 to $2.45, which includes an estimated unfavorable currency impact of 5 cents.”


Net earnings for the six months ended 30th June 2018 were $240.4m, or $3.62 per diluted share compared to net earnings of $191.4m, or $2.80 per diluted share in the prior year. The year to date period included restructuring costs which reduced earnings per share by 45 cents. The prior year to date period included restructuring costs which reduced earnings per share by 41 cents and discrete income tax benefits which increased earnings per share by 19 cents. Revenues for the six-month period were $11.2 billion, an increase of 13% from the prior year or an increase of 5% in constant currency.  Earnings per share for the six-month period were positively impacted 23 cents by changes in foreign currencies compared to the prior year, or 27 cents excluding the restructuring costs.


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