Workforce solutions provider ManpowerGroup (MAN), Friday reported a decline in first-quarter profit, hurt mainly by hefty restructuring costs. Nevertheless, profit and revenues for the period trumped analysts' estimates. The company also issued a strong outlook for the second quarter. Following the news, shares of the company rose five percent.
Milwaukee, Wisconsin-based Manpower's profit for the quarter dropped to $23.9 million or $0.31 per share from $40.2 million or $0.50 per share last year.
Profit for the quarter was weighed down by a restructuring charge, related to office consolidations and severance costs of $25.3 million after tax or $0.32 per share.
Thirteen analysts polled by Thomson Reuters had an average earnings estimate of $0.46 per share for the period. Analysts estimates typically one-time items.
Revenues for the quarter fell 6.4 percent to $4.77 billion from $5.10 billion a year ago. Analysts expected revenues of $4.76 billion for the period.
Selling and administrative costs dropped 2.4 percent to $735.7 million from a year ago.
Chief Executive Jeffrey Joerres said, "The first quarter performance was largely attributed to slightly stronger than anticipated revenues and tax credits. Additionally, our recalibration of our cost base is advancing ahead of schedule."
Looking forward to the second quarter, the company expects earnings of $0.84 to $0.92 per share before restructuring charges. Analysts currently anticipates earnings of $0.77 per share for the quarter.
MAN is currently trading at $53.94, up $2.43 or 4.72%, on the NYSE.
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