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Manpower Q1 revenue rises 13%

April 21 2010

Manpower Inc. (NYSE: MAN), one of the world's largest staffing firms, reported first-quarter revenue rose 12.5% to $4.10 billion from the year-ago quarter -- up 5.1% in constant currency.

Milwaukee-based Manpower beat analysts' revenue estimate of $3.97 billion, according to Yahoo.com.

U.S. revenue rose 18.3% to $442.1 million.

"In all major geographies we are experiencing strong cyclical trends and even stronger secular trends as companies need to respond to the increased demand but want to remain agile," Chairman and CEO Jeffrey Joerres said in a press release.

First-quarter revenue at the company's franchised offices rose 22.0% to $193.9 million from $158.9 million in the first quarter of last year. The franchise revenue isn't included in Manpower's total revenue of $4.10 billion, although fees paid to Manpower by the franchisees are included.

In France, one of Manpower's largest markets, first-quarter revenue rose 15.7% to $1.11 billion. The increase was 9.3% in constant currency.

On the other hand, revenue slipped at the company's Right Management outplacement division and its Jefferson Wells division. Right Management's first-quarter revenue fell 24.0% to $103.3 million from the year-ago quarter, and Jefferson Wells revenue fell 22.9% to $40.6 million.

Permanent recruitment is up 1% from the first quarter of last year, the company reported in a conference call with analysts.

Manpower's first-quarter gross margin narrowed to 17.1% from 18.3%.

The company posted first-quarter net income of $2.8 million compared with a net loss of $1.8 million in the same period a year ago.

Manpower completed its acquisition of information technology staffing firm Comsys IT Partners Inc. on April 5. Comsys had ranked No. 3 on Staffing Industry Analysts' list of largest IT staffing firms.

Manpower estimated second-quarter earnings per share of 14 cents to 22 cents including a negative impact of 10 cents per share related to Comsys.

Manpower Inc. (NYSE: MAN)
For the first quarter ended March 31, 2010, compared with the same period in 2009.
Revenue: $4.10 billion, +12.5%
Net income: $2.8 million vs. net loss of $1.8 million


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