ManpowerGroup reports jump in 1Q earnings

Special to The Freeman

April 23, 2014

MILWAUKEE ManpowerGroup Inc. on Wednesday said its net earnings jumped to $70.1 million, or 86 cents per share, from $23.9 million a year earlier, or 31 cents a share.

The Milwaukee-based staffing company said the prior-year quarter was depressed due to a large one-time restructuring charge to cover office closures and severance costs. There were no restructuring charges in the current year's quarter, however.

Revenues for the quarter rose 3 percent to $4.9 billion, the company said.

"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 percent in constant currency in the quarter, and exceeded 3 percent on an average daily basis, said Jeffrey A. Joerres, ManpowerGroup chairman and CEO.

"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, he added.

According to Manpower, the company expects second quarter earnings per share to be between $1.26 to $1.34, including an estimated favorable currency impact of 2 cents.