MPS Group, Inc. (MPS), a provider of specialty staffing, consulting and business solutions, Thursday reported a decline in profit for the third quarter, due mainly to lower revenues from all segments and lower gross margins. The company's per share earnings topped analysts' estimates by 4 cents.
Net income for the third quarter declined to $5.45 million or $0.06 per share from $17.21 million or $0.19 per share in the previous year.
On average, 12 analysts polled by Thomson Reuters expected the company to report earnings of $0.02 per share. Analysts' estimates typically exclude special items.
Total revenue for the quarter declined 29% to $407.77 million from $577.48 million a year ago, yet topped analysts' revenue estimate of $402.57 million.
Revenue from North American Professional Services declined to $128.26 million from $192.18 million last year. International Professional Services revenues were $107.62 million, down from $142.03 million in the previous year. Revenue from North American Information Technology Services declined to $124.79 million from $154.76 million a year ago. International Information Technology Services revenues declined to $47.10 million from $88.50 million a year ago.
The company noted that third quarter revenue of $407.77 million was within the range of guidance previously provided by management, and net income per share of $0.06 was above the range of guidance previously provided by management, due primarily to lower general and administrative expenses and the benefit of a lower income tax rate.
Third quarter gross margin of 26.8% was adversely affected by fewer permanent placement fees, which represented 2.9% of total revenue in the third quarter of 2009 versus 5.3% of total revenue in the prior year's third quarter.
Unallocated corporate expenses for the quarter rose to $7.86 million from $7.51 million a year ago.
For the nine-month period, net income declined to $9.98 million or $0.11 per share from $57.01 million or $0.62 per share in the same period of the previous year. Total revenue for the period declined to $1.25 billion from $1.73 billion last year.
MPS is currently trading at $13.55, up 0.01 or 0.07%, on a volume of 4.57 million shares on the NYSE.
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