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ManpowerGroup Revenue Jumps 24%

July 21 2011

ManpowerGroup Inc. (NYSE: MAN) reported today its second-quarter revenue rose 23.6 percent. The world’s third largest staffing firm posted revenue of $5.67 billion in the second quarter, compared with $4.59 billion a year ago. On a constant currency basis, second-quarter revenue was up 12.0 percent.

Second-quarter revenue in the Americas region rose 13.4 percent year over year to $1.17 billion from $1.03 billion the year prior. U.S. revenue rose 9.0 percent in the quarter to $791.6 million, compared with $726.6 million in the year-ago quarter.

“We continued to drive solid revenue growth with all geographies participating,” said ManpowerGroup Chairman and CEO Jeffrey Joerres. “Mexico, France and Italy all grew in excess of 15 percent in constant currency. Our emerging markets grew in excess of that. Experis, our professional resourcing brand, performed well, with global revenue increasing 12 percent in constant currency.”

At the start of the year, the company restructured its European organization. Southern Europe and Northern Europe, now reported separately, had formerly been reported under “Other Europe, MiddleEast and Africa.”

Southern Europe posted revenue of $2.18 billion in the second quarter, a 29.7 percent increase over the prior-year quarter (14.5 percent in constant currency). Within Southern Europe, France, ManpowerGroup’s largest market worldwide, contributed $1.64 billion, a 30.9 percent increase (15.5 percent in constant currency).

Northern Europe generated $1.57 billion in second-quarter revenue, a 23.8 percent increase over year-ago revenue (9.4 percent on a constant currency basis). The company’s Asia Pacific region, now called APME, contributed $662.8 million in the second quarter, up 31.0 percent, or 16.4 percent in constant currency.

Second-quarter revenue fell 14.3 percent at Right Management, the company’s outplacement services division, to $84.6 million (down 19.9 percent in constant currency).

Net earnings rose 123.1 percent in the second quarter to $72.7 million, up from $32.8 million in the year-ago quarter. Gross margin slipped 40 basis points to 17.0 percent from 17.4 percent in the year-ago quarter.

“In the latter part of June, certain markets experienced softening,” Joerres said. “However, we continue to be optimistic that we will achieve good year-over-year growth.”

ManpowerGroup Inc. (NYSE: MAN)
For the second quarter ended June 30, 2011, compared with the same period a year ago
Revenue: $5.67 billion, +23.6 percent
Net income: $72.7 million, +123.1 percent


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