ManpowerGroup (MAN) reported that net earnings for the first-quarter ended March 31, 2017 were $74.4 million, or $1.09 per share, compared to net earnings of $71.7 million, or $0.98 per share, a year earlier.
The latest-quarter result included restructuring charges which reduced earnings per share by 30 cents and a lower income tax rate which increased earnings per share by 20 cents primarily due to discrete items.
Financial results in the quarter were also impacted by the stronger US dollar relative to several foreign currencies compared to the prior year period. On a constant currency basis, revenues increased 7% and earnings per diluted share increased 14%. Earnings per share in the quarter were negatively impacted 3 cents by changes in foreign currencies compared to the prior year, or 5 cents excluding the restructuring charges.
Revenues for the first quarter were $4.8 billion, an increase of 4% from the prior year period.
Jonas Prising, ManpowerGroup Chairman & CEO, said, "Our workforce services and solutions are resonating with our clients and candidates, which gives us the confidence that we are on the right track and well placed to seize further opportunities during 2017."
The company anticipates second quarter earnings per share will be between $1.67 and $1.75, which includes an estimated unfavorable currency impact of 8 cents and excludes restructuring charges."
by RTT Staff Writer
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