ManpowerGroup Reports 3rd Quarter 2016 Results
20 Oct 2016
MILWAUKEE, Oct. 21, 2016 /PRNewswire/ -- ManpowerGroup (NYSE: MAN) today reported that net earnings per diluted share for the three months ended September 30, 2016 were $1.87 compared to $1.61 in the prior year period. Net earnings in the quarter were $129.2 million compared to $123.9 million a year earlier. Revenues for the third quarter were $5.1 billion, an increase of 2% from the year earlier period.
Financial results in the quarter were impacted by the stronger U.S. dollar relative to several foreign currencies compared to the prior year period. On a constant currency basis, revenues increased 4% and net earnings per diluted share increased 18%. Earnings per share in the quarter were negatively impacted 3 cents by changes in foreign currencies compared to the prior year.
Jonas Prising, ManpowerGroup Chairman & CEO, said, "We executed well in the third quarter despite continued soft and uneven market conditions globally. This slow growth environment results in our services and solutions becoming increasingly more attractive to companies that need operational and strategic flexibility. We have seen this translate into continued strong growth in our permanent recruitment and market leading workforce solutions offerings. As we look to the fourth quarter we are well placed to seize further opportunities across all our brands.
"We are anticipating the fourth quarter of 2016 diluted net earnings per share to be in the range of $1.65 to $1.73, which includes an estimated unfavorable currency impact of 2 cents," Prising stated.
Earnings per diluted share for the nine months ended September 30, 2016 were $4.42 compared to $3.75 per diluted share in 2015. Net earnings were $316.3 million compared to $295.3 million in the prior year. Revenues for the nine-month period were $14.7 billion, an increase of 2% from the prior year in reported U.S. dollars or an increase of 4% in constant currency. Foreign currency exchange rates had an unfavorable impact of 8 cents per share for the nine-month period in 2016. On a constant currency basis, net earnings per diluted share were up 20% for the nine month period.
In conjunction with its third quarter earnings release, ManpowerGroup will broadcast its conference call live over the Internet on October 21, 2016 at 7:30 a.m. CDT (8:30 a.m. EDT). Interested parties are invited to listen to the webcast and view the presentation by logging on to http://www.investor.manpower.com.
Supplemental financial information referenced in the conference call can be found at http://www.investor.manpower.com.
ManpowerGroup® (NYSE: MAN) is the world's workforce expert, creating innovative workforce solutions for nearly 70 years. As workforce experts, we connect more than 600,000 people to meaningful work across a wide range of skills and industries every day. Through our ManpowerGroup family of brands – Manpower®, Experis®, Right Management® and ManpowerGroup® Solutions – we help more than 400,000 clients in 80 countries and territories address their critical talent needs, providing comprehensive solutions to resource, manage and develop talent. In 2016, ManpowerGroup was named one of the World's Most Ethical Companies for the sixth consecutive year and one of Fortune's Most Admired Companies, confirming our position as the most trusted and admired brand in the industry. See how ManpowerGroup makes powering the world of work humanly possible: www.manpowergroup.com.
This news release contains statements, including earnings projections, that are forward-looking in nature and, accordingly, are subject to risks and uncertainties regarding the Company's expected future results. The Company's actual results may differ materially from those described or contemplated in the forward-looking statements. Factors that may cause the Company's actual results to differ materially from those contained in the forward-looking statements can be found in the Company's reports filed with the SEC, including the information under the heading 'Risk Factors' in its Annual Report on Form 10-K for the year ended December 31, 2015, which information can be found here for reference.