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US – ManpowerGroup Revenue Edges Up

April 20 2012

ManpowerGroup (NYSE: MAN) reported first-quarter revenue fell in the U.S. and France, but rose in parts of Southern Europe, Asia-Pacific and other portions of the Americas. Total revenue at the Milwaukee, Wis.-based staffing giant edged up 0.5 percent to $5.10 billion from $5.07 billion in the year ago quarter. In constant currency, revenue rose 3.0 percent.

“We were able to achieve very solid profitability despite the continued headwinds of slow economic growth,” said Chairman and CEO Jeffrey Joerres. “Our geographic foot print, wide range of offerings and very good expense management contributed to the strong quarter. Our workforce solutions business continued to grow by solid double digits while our permanent recruitment business continues to outpace last year.”

U.S. first-quarter revenue fell 2.0 percent to $735.8 million from $750.9 million in the first quarter of last year. However, revenue rose 11.3 percent in the company’s other Americas segment to $402.5 million.

In other areas:

  • French revenue fell 4.6 percent to $1.29 billion, but the decline was only 0.4 percent in constant currency. France is the company’s largest single market.
  • Italian first-quarter revenue fell 6.0 percent — down 1.9 percent in constant currency — to $267.5 million.
  • In other parts of Southern Europe, first-quarter revenue rose 8.5 percent — up 13.7 percent in constant currency — to $195.2 million.
  • Northern European revenue fell 0.9 percent to $1.44 billion in the first quarter, but was up 2.6 percent in constant currency.
  • The company’s Asia Pacific region posted first-quarter revenue of $680.0 million, up 12.8 percent from the same period last year. The increase was 9.8 percent in constant currency.
  • Right Management first-quarter revenue fell 2.6 percent to $79.6 million

First-quarter gross margin narrowed to 16.6 percent from 16.9 percent in the year-ago quarter.

ManpowerGroup posted first-quarter net income of $40.2 million, up 12.8 percent from net income of $35.7 million in the first quarter of last year.

The company forecasts second-quarter revenue will fall 6 percent to 8 percent, and on a constant currency basis will be flat to down 2 percent. It forecasts second-quarter gross margin of between 16.9 percent and 17.0 percent.

ManpowerGroup (NYSE: MAN)
For the first quarter ended Mar. 31, 2012, compared with the same period a year ago
Revenue: $5.10 billion, +0.5 percent
Net income: $40.2 million, +12.8 percent

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