ManpowerGroup triples earnings in first quarter
24 April 2014
ManpowerGroup tripled its net earnings in the three months ended 31 March, 2014 compared to the same quarter in 2013.
Thu, 24 Apr 2014ManpowerGroup tripled its net earnings in the three months ended 31 March, 2014 compared to the same quarter in 2013.
Net earnings were $70 (£41.7m) compared to $23.9m, a year earlier. Revenues for the first quarter were 3% higher at $4.9bn.
Last year’s results included a restructuring charge, primarily related to office consolidations and severance costs of $34.8m. However, there were no restructuring charges in Q1 of 2014.
Jeffrey A Joerres, ManpowerGroup chairman and chief executive officer, says: "Despite the slow start in January, we are experiencing more positive revenue trends as we enter the second quarter in almost all of the major geographies. Growth in our Europe business improved to over 4% in constant currency in the quarter, and exceeded 3% on an average daily basis.
“The work that our team did last year to simplify and re-calibrate our company is paying off as we were able to achieve strong flow through and operational leverage.
“We anticipate second quarter earnings per share will range between $1.26 to $1.34, which includes an estimated favourable currency impact of 2 cents.”
Net earnings were $70 (£41.7m) compared to $23.9m, a year earlier. Revenues for the first quarter were 3% higher at $4.9bn.
Last year’s results included a restructuring charge, primarily related to office consolidations and severance costs of $34.8m. However, there were no restructuring charges in Q1 of 2014.
Jeffrey A Joerres, ManpowerGroup chairman and chief executive officer, says: "Despite the slow start in January, we are experiencing more positive revenue trends as we enter the second quarter in almost all of the major geographies. Growth in our Europe business improved to over 4% in constant currency in the quarter, and exceeded 3% on an average daily basis.
“The work that our team did last year to simplify and re-calibrate our company is paying off as we were able to achieve strong flow through and operational leverage.
“We anticipate second quarter earnings per share will range between $1.26 to $1.34, which includes an estimated favourable currency impact of 2 cents.”
