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ManpowerGroup Revenue Up 24%

April 21 2011

ManpowerGroup’s (NYSE: MAN) first-quarter revenue rose 23.7 percent on a year-over-year basis. The world’s third-largest staffing firm posted $5.07 billion in revenue in the first quarter, compared with $4.10 billion a year ago. In constant currency excluding the impact of exchange rates, first-quarter revenue was up 21.8 percent.

Revenue for the Americas region was $1.11 billion in the first quarter of 2011, compared with $777.2 million in the first quarter of last year, a 43.2 percent increase. First-quarter U.S. revenue was $750.9 million, a 55.6 percent increase over year-ago levels.

“ManpowerGroup posted a very solid first quarter, with gains in both revenue and profitability coming from almost all business lines and geographies,” said Jeffrey Joerres, ManpowerGroup chairman and CEO. “Several European and emerging markets showed particularly strong trends.”

During the quarter, the company rebranded to ManpowerGroup and launched a new professional resourcing company, Experis. The company also acquired an IT resourcing company in India.

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

Southern Europe posted revenue of $1.82 billion in the first quarter, a 21.2 percent increase over the prior-year quarter (22.0 percent in constant currency). Within Southern Europe, France, ManpowerGroup’s largest market worldwide, contributed $1.35 billion to that segment, a 22.2 percent increase (23.2 percent in constant currency).

Northern Europe generated $1.46 billion in first-quarter revenue, a 16.7 percent year-over-year increase on a constant currency basis. The company’s Asia Pacific region, now called APME, contributed $602.9 million in first-quarter revenue, an 11.2 percent increase in constant currency over the prior-year quarter.

At Right Management, the company’s outplacement services division, revenue fell 20.9 percent in the first quarter to $81.8 million (-22.7 percent in constant currency).

Net income for the quarter was $35.7 million, compared with $2.8 million in the year-ago quarter. Gross margin edged down 20 basis points to 16.9 percent from 17.1 percent in the prior year’s quarter.

ManpowerGroup forecast second-quarter revenue would rise 20 percent to 22 percent on a year-over-year basis. In constant currency, the increase would be 10 percent to 12 percent.

ManpowerGroup (NYSE: MAN)
For the first quarter ended March 31, 2011, compared with the same period a year ago
Revenue: $5.07 billion, +23.7 percent
Net income: $35.7 million vs. net income of $2.8 million

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