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Manpower revenue rises 21%

July 21 2010

Manpower Inc.'s (NYSE: MAN) second-quarter revenue rose 20.9% from the year-ago quarter to $4.59 billion. Chairman and CEO Jeffrey Joerres said staffing buyers are still adding temporary workers, and the company estimated third-quarter revenue would rise 13% to 15%.

"The improving secular trends are continuing as companies across all major geographies are adding flexible talent to their organizations," Chairman and CEO Jeffrey Joerres said. "We are constantly monitoring the economic trends and their potential uncertainties; however, we have not felt any slowdown as we enter the third quarter."

On a constant currency basis, Manpower's second-quarter revenue rose 23.7%. However, the second quarter included revenue from Comsys IT Partners Inc. Manpower acquired Comsys on April 5; Comsys last year ranked as the third largest information technology staffing firm. Excluding Comsys' revenue, Manpower's second-quarter revenue rose 16% (or 19% on a constant currency basis).

U.S. revenue at Manpower rose 83.3% to $686.0 million. Excluding Comsys, U.S. revenue rose 35%. Growth in the U.S. is being led by light industrial, according to a conference call with analysts.

Revenue in France, Manpower's largest single market, rose 14.2% (22.6% in constant currency) to $1.26 billion.

Revenue in other parts of Europe, the Middle East and Africa rose 13.9% (18.4% in constant currency) to $1.69 billion.

At Right Management, which provides outplacement, revenue fell 37.5% to $98.8 million.

The company's Jefferson Wells division posted a 15.8% decline in revenue to $40.6 million.

Second-quarter gross margin of 17.4% was down 90 basis points from the year-ago quarter. The reduction was primarily due to the decline in revenue at Right Management, the company said in a conference call.

Net income at Manpower rose to $32.7 million, up 99.7% from $16.3 million in the second quarter of last year.

Milwaukee-based Manpower ranks as one of the largest staffing firms in the world.

Manpower Inc. (NYSE: MAN)
For the second quarter ended June 30, 2010, compared with the same period in 2009.
Revenue: $4.59 billion, +20.9%
Net income: $32.7 million, +99.7%


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