July 24, 2015 – ManpowerGroup has posted second quarter 2015 revenues of $4.9 billion, a decrease of nine percent from $5.3 billion during the same period a year ago. On a constant currency basis, revenues increased 6.6 percent.
Financial results in the quarter were significantly impacted by the stronger U.S. dollar relative to several foreign currencies compared to the prior year period. The Milwaukee-based general services staffing company reported earnings of $105.7 million, or $1.33 cents per diluted share, compared earnings of $109.8 million, or $1.35 cents per diluted share. The results beat Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.27 per share.
Revenues in the U.S. fell 1.7 percent year-over-year to $762.6 million while its ManpowerGroup division experienced a 9.6 percent decrease in revenues for the quarter.
“The labor markets continue to improve across the globe, although at a slow and uneven pace in some countries,” said Jonas Prising, chief executive officer of ManpowerGroup. “It is rewarding for our team to experience solid growth in a number of our geographies, with very strong growth in Italy, Mexico, Spain and the U.K. With our market leading brands and solutions we are well placed to take advantage of profitable growth opportunities also in the second half of the year.” ManpowerGroup shares have increased 39 percent since the beginning of the year.
Contributed by Dale M. Zupsansky, Managing Editor, Hunt Scanlon Media