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ManpowerGroup Revenue Rises 16%

October 21 2011

ManpowerGroup Inc. (NYSE: MAN) reported today third-quarter revenue rose 16.3 percent. The world’s third-largest staffing firm posted revenue of $5.78 billion in the third quarter, compared with $4.97 billion a year ago. On a constant currency basis, third-quarter revenue was up 8.8 percent.

Third-quarter revenue in the Americas region rose 8.6 percent year over year (7.8 percent in constant currency) to $1.21 billion from $1.11 billion the year-ago quarter. U.S. revenue rose 4.0 percent in the third quarter to $828.9 million, compared with $797.0 million in the year-ago quarter.

“We experienced solid growth throughout all geographies,” said Chairman and CEO Jeff Joerres. “In the third quarter, our strategic investments in differentiation, diversification and productivity contributed to our operating profit increase of 45 percent. Our core business, Manpower, continues to grow despite the tepid economic environment, while our professional and project-based resourcing business, Experis, and our solutions business are rapidly adding to profitability and enhancing ManpowerGroup’s positioning with our clients.

Southern Europe posted revenue of $2.20 billion in the third quarter, an 18.7 percent increase over the prior-year quarter (8.8 percent in constant currency). Within Southern Europe, France, ManpowerGroup’s largest market worldwide, contributed $1.67 billion in revenue, an 18.3 percent increase (8.2 percent in constant currency).

Northern Europe generated $1.60 billion in third-quarter revenue, a 16.9 percent increase over year-ago revenue (8.5 percent on a constant-currency basis). The company’s Asia Pacific region, now called APME, contributed $701.0 million in the third quarter, up 26.2 percent, or 14.5 percent in constant currency.

Third-quarter revenue fell 9.5 percent at Right Management, the company’s outplacement services division, to $77.5 million (down 13.6 percent in constant currency).

Third-quarter gross margin fell to 16.5 percent from 16.9 percent in the year-ago quarter.

Net income rose 55.0 percent in the third quarter to $79.6 million from $51.3 million in the year-ago quarter. On a constant currency basis, net income rose 42.6 percent.

ManpowerGroup Inc. (NYSE: MAN)
For the third quarter ended Sept. 30, 2011, compared with the same period a year ago
Revenue: $5.78 billion, +16.3 percent
Net income: $79.6 million, +55.0 percent

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