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ManpowerGroup Q4 Revenue Rises 5%

February 01 2012

ManpowerGroup (NYSE: MAN) reported revenue rose 5.3 percent to $5.48 billion in the fourth quarter of 2011 from $5.21 billion in the fourth quarter of the previous year. On a constant currency basis, fourth-quarter revenue rose 5.8 percent.

Fourth-quarter U.S. revenue fell 1.4 percent to $765.9 million from $777.1 million in the same period last year. However, ManpowerGroup’s fourth-quarter revenue for its Americas region as a whole rose 2.7 percent year over year (4.7 percent in constant currency) to $1.15 billion from $1.12 billion in the year-ago quarter.

Southern Europe posted revenue of $2.01 billion in the fourth quarter, a 5.0 percent increase over the prior-year quarter (6.1 percent in constant currency). Within Southern Europe, France, ManpowerGroup’s largest single market worldwide, posted revenue of $1.51 billion , a 5.4 percent increase (6.3 percent in constant currency).

Northern Europe generated $1.54 billion in fourth-quarter revenue, a 3.2 percent increase over year-ago revenue (3.8 percent on a constant currency basis).

The company’s Asia Pacific region, now called APME, contributed $695.0 million in revenue for the fourth quarter, up 18.2 percent, or 14.5 percent in constant currency.

Fourth-quarter revenue fell 8.2 percent at Right Management, the company’s outplacement division, to $79.8 million (down 8.6 percent in constant currency).

Fourth-quarter gross margin fell to 17.1 percent from 17.4 percent in the year-ago quarter.

ManpowerGroup posted fourth-quarter net income of $63.6 million compared to a net loss of $350.4 million in the year-ago quarter. The fourth quarter of 2011 includes a reorganization charge of $20.5 million primarily related to office consolidations and severance costs. The fourth quarter of 2010 includes $428.8 million in goodwill and intangible asset impairment charges.

Revenue for full-year 2011 rose 16.6 percent to $22.01 billion from $18.87 billion in the previous year. The year-over-year revenue increase was 12 percent in constant currency.

Full-year gross margin narrowed to 16.8 percent from 17.2 percent in 2010.

Net earnings for the year were $251.6 million compared to a loss of $263.6 million in the prior year.

ManpowerGroup Inc. (NYSE: MAN)
For the fourth quarter ended Dec. 31, 2011, compared with the same period a year ago
Revenue: $5.48 billion, +5.3 percent
Net income: $63.6 million vs. a net loss of $350.4 million

For the full year ended Dec. 31, 2011, compared to 2010
Revenue: $22.01 billion, +16.6 percent
Net income: $251.6 million v. a net loss of $263.6 million

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