logo
Plus   Neg
Share
Email

ManpowerGroup Q4 Profit Declines - Update

Workforce solutions provider ManpowerGroup (MAN) Wednesday reported a decline in fourth-quarter profit, reflecting a reorganization charge as well as lower revenues. Meanwhile, adjusted earnings and revenues topped analysts' expectations. The company said its first quarter is traditionally a seasonally challenging period, but forecast earnings per share in line with analysts' view.

"We remain appropriately optimistic as we look into 2013. We are on guard for potential disruption in all markets, particularly Europe, but at this time we do not anticipate any dramatic negatives," the company said.

In the fourth quarter, the company's net earnings declined to $53.3 million or $0.68 per share from $63.6 million or $0.78 per share in the previous year.

The company said its recent-quarter results included a reorganization charge, mainly related to office consolidations and severance costs, totaling $0.23 per share.

Excluding charges, net earnings per share for the quarter were $0.91 while the company posted $0.98 per share last year. On average, 13 analysts polled by Thomson Reuters expected the company to earn $0.77 per share for the quarter. Analysts' estimates typically exclude special items.

Fourth-quarter results were unfavorably impacted by $0.01 per share as foreign currencies were relatively weaker compared to the prior year.

Revenues from services dropped 5.1 percent to $5.20 billion, but came above analysts' estimate of $5.13 billion. At constant currency, revenues fell 3.5 percent.

For the full year 2012, the company posted net earnings of $197.6 million or $2.47 per share, lower than $251.6 million or $3.04 per share in the prior year. Revenues from services declined 6 percent to $20.68 billion.

Looking ahead to the first quarter, the company expects earnings per share to be in the range of $0.40 to $0.48, before reorganization charges. Analysts are looking for earnings of $0.41 per share for the quarter.

MAN closed Tuesday's regular trading at $48.55 on the NYSE.

by RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
In a move likely to further inflame global trade tensions, President Donald Trump has threatened to impose a 20 percent tariff on all cars imported to the U.S. from the European Union. Trump claimed he would impose the new tariffs unless the EU removes tariffs and trade barriers placed on the U.S. The Federal Reserve has determined that the largest U.S. banks are strongly capitalized and would be able to lend to banks as well as households during a severe global economic recession. This is the fourth straight year that all banks have met the Federal Reserve's standards. The first round of results of the supervisory stress tests were released by the central bank on Thursday. The "safety" driver behind the wheel of a self-driving Uber was streaming a television show on her smartphone up until about the time of a fatal crash in March, according to a report from the Tempe Police Department. Uber's self-driving Volvo SUV, which was traveling at under 44 miles per hour, had struck and killed a pedestrian in Arizona on March 18.
Follow RTT