ManpowerGroup reports decline in net earnings

Freeman Staff

April 21, 2015

MILWAUKEE — Earnings and revenue decreased for ManpowerGroup during the first quarter of 2015, the company reported Tuesday.

For the three months ended March 31, earnings for ManpowerGroup were $65.7 million, or 83 cents per diluted share, compared to net earnings of $70.1 million, or 86 cents per diluted share, a year earlier. Revenues for the first quarter were $4.5 billion, a decrease of 7 percent from the prior year period.

ManpowerGroup cites the stronger U.S. dollar relative to several foreign currencies for the impact on the financial results. On a constant currency basis, revenues increased 7 percent and earnings per share increased 16 percent, according to the announcement. Earnings per share in the quarter were negatively impacted 17 cents by changes in foreign currencies compared to the prior year.

“It is encouraging to see the early signs of more broad based improvement in Europe, setting the stage for what we believe could be a slow but sustained labor market recovery in that region. The strong start to the year gives us confidence that we are on the right track and that our focus on permanent recruitment and our market leading solutions offerings continues to pay off. We are well placed to seize further opportunities as economic trends improve,” ManpowerGroup CEO Jonas Prising, said in a statement. “We anticipate second quarter earnings per share will range between $1.21 to $1.29, which includes an estimated unfavorable currency impact of 29 cents.”