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USG People profit is below analysts' estimate

March 07 2008

Netherlands-based staffing firm USG People reported fourth-quarter net income of euro35.9 million (US$52.9 million), up from euro16.7 million in the fourth quarter of 2006. However, analysts had estimated net income of euro44.0 million, according to Reuters.

USG's fourth-quarter revenue rose 5.5% to euro1.01 billion (US$1.49 billion) from euro956.5 million in the same period in the previous year. Gross margin improved to 25.9% from 24.7%.

Full-year 2007 net income rose to euro140.0 million (US$206.2 million) from euro110.9 million in 2006.

Revenue in 2007 increased to euro3.89 billion (US$5.73 billion), up 9.9% from euro3.54 billion in 2006. Gross margin improved to 24.9% from 23.9%.

USG People, which operates in Europe, said economic growth forecasts in the eurozone were revised downwards and the company didn't give specific guidance for 2008.

"It is evident that the expected lower economic growth will also impact the European temporary employment markets and, therefore, also growth of our group revenue," the company said.

USG People
For the fourth quarter ended Dec. 31, 2007, compared with the same period in 2006.
Revenue: euro1.01 billion (US$1.49 billion), +5.5%
Net income: euro35.9 million (US$52.9 million), +115.0%

For full-year 2007 ended Dec. 31, 2007, compared with the previous year.
Revenue: euro3.89 billion (US$5.73 billion), +9.9%
Net income: euro140.0 million (US$206.2 million), +26.2%

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