logo
Share SHARE
FONT-SIZE Plus   Neg

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 RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Allegiant Air will start offering service from Newark Liberty International Airport, after the low-cost airlines received approval from the Federal Aviation Administration. Allegiant will begin offering flights in November between Newark and Cincinnati, Ohio; Savannah, Georgia; Asheville, North Carolina... Theme park chain Six Flags Entertainment Corp. (SIX) announced that it is in "discussions" with the Kingdom of Saudi Arabia to open multiple amusement parks in the conservative Muslim kingdom. Texas-based Six Flags Entertainment says it "has initiated discussions with the government of Saudi Arabia... Uber has developed new software that will track and inform drivers of the ride-hailing app about things like sudden acceleration, harsh braking or whether they are holding their phones while driving. The software is part of an updated version of Uber's app for drivers.
comments powered by Disqus
Follow RTT