ManpowerGroup Q4 Profit Declines - Update

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1/30/2013 9:25 AM ET

Workforce solutions provider ManpowerGroup (MAN: Quote) 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.

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by RTT Staff Writer

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