ManpowerGroup Reports 1st Quarter 2018 Results
20 Apr 2018
MILWAUKEE, April 20, 2018 /PRNewswire/ -- ManpowerGroup (NYSE: MAN) today reported that net earnings for the three months ended March 31, 2018 were $97.0 million, or $1.45 per diluted share, compared to net earnings of $74.4 million, or $1.09 cents per diluted share, a year earlier. Revenues for the first quarter were $5.5 billion, an increase of 16% from the prior year period.
The current year quarter included restructuring costs which reduced earnings per share by 27 cents.
Financial results in the quarter were also significantly impacted by stronger foreign currencies relative to the U.S. dollar compared to the prior year period. On a constant currency basis, revenues increased 5% and net earnings per diluted share increased 20%. Earnings per share in the quarter were positively impacted 14 cents by changes in foreign currencies compared to the prior year, or 17 cents excluding the restructuring costs.
Jonas Prising, ManpowerGroup Chairman & CEO, said, "We are pleased with the solid start to the year, with strong revenue growth, improved productivity and increased earnings. We are seeing good broad-based demand globally for our services and workforce solutions. We are very well placed to seize future growth opportunities thanks to our industry leading global footprint and extensive portfolio of innovative workforce solutions.
"We anticipate second quarter earnings per share will be between $2.33 and $2.41, which includes an estimated favorable currency impact of 18 cents and excludes restructuring costs."
In conjunction with its first quarter earnings release, ManpowerGroup will broadcast its conference call live over the Internet on April 20, 2018 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://investor.manpowergroup.com/ in the section titled "Investor Relations."
Supplemental financial information referenced in the conference call can be found at http://investor.manpowergroup.com/ in the section titled "Investor Relations."
ManpowerGroup® (NYSE: MAN), the leading global workforce solutions company, helps organizations transform in a fast-changing world of work by sourcing, assessing, developing and managing the talent that enables them to win. We develop innovative solutions for hundreds of thousands of organizations every year, providing them with skilled talent while finding meaningful, sustainable employment for millions of people across a wide range of industries and skills. Our expert family of brands – Manpower®, Experis®, Right Management® and ManpowerGroup® Solutions – creates substantially more value for candidates and clients across 80 countries and territories and has done so for 70 years. In 2018, ManpowerGroup was named one of the World's Most Ethical Companies for the ninth year and one of Fortune's Most Admired Companies for the sixteenth year, confirming our position as the most trusted and admired brand in the industry. See how ManpowerGroup is powering the future of work: www.manpowergroup.ae.
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, 2017, which information is incorporated herein by reference.