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Manpower fourth-quarter profit falls

February 01 2008

Manpower Inc. (NYSE: MAN), the world's second-largest staffing company, said fourth-quarter net income fell 19.1% while revenue for the quarter increased by 19.6%.

The company said fourth-quarter results include a $4.0 million charge related to a reorganization at its Jefferson Wells subsidiary. Net earnings, despite being down for the quarter, received a 17-cent per share boost from favorable foreign exchange rates.

Manpower posted fourth-quarter net income of $133.1 million, down from $164.4 million in the fourth quarter of 2006.

Fourth-quarter revenue, however, rose to $5.63 billion from $4.71 billion in the same period last year. Gross margin increased to 18.6% from 18.2%.

"Our geographic balance and broad portfolio of services drove strong results in the fourth quarter and for the year," said Chairman and CEO Jeffrey Joerres. "Europe, Asia, and our emerging markets performed exceptionally well."

Manpower's fourth-quarter U.S. revenue slipped 7.6% to $487.8 million from $527.9 million in the fourth quarter of 2006.

Jefferson Wells' fourth-quarter revenue fell 3.9% year-over-year to $81.4 million. Right Management's Q4 revenue rose 12.6% to $111.5 million.

Full-year 2007 net income for Manpower rose 21.8% to $484.7 million from $398.0 million in 2006

Revenue for 2007 rose 16.7% to $20.50 billion from $17.56 billion in 2006. Gross margin improved to 18.8% from 17.9%.

The company forecast first-quarter earnings of 78 cents to 82 cents per diluted share.

Manpower Inc. (NYSE: MAN)
For the fourth quarter ended Dec. 31, 2007, compared with the same period in 2006.
Revenue: $5.63 billion, +19.6%
Net income: $133.1 million, -19.1%

For the 2007 fiscal year ended Dec. 31, compared with the previous year.
Revenue: $20.50 billion, +16.7%
Net income: $484.7 million, +21.8%

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