Milwaukee based ManpowerGroup reported third quarter net earnings of $63.1 million, or 79 cents per share, down from $79.6 million, or 97 cents per share, in the same period a year ago.
The company’s quarterly revenues fell 11 percent to $5.2 billion.
Third quarter results were unfavorably impacted by 6 cents per diluted share, as foreign currencies were relatively weaker compared with the third quarter of 2011.
Jeffrey Joerres, ManpowerGroup chairman and chief executive officer, said, “Clearly, the economic environment continues to be challenging as we experienced a revenue decline of 4 percent in constant currency. However, the ManpowerGroup team did an extraordinary job of aggressively selling our value to our clients which resulted in stabilizing our gross margin. Additionally, we were extremely vigilant regarding cost and efficiency. Both contributed nicely to the third quarter performance. We will continue to pursue efficient models to deliver our service while creating more agility throughout the entire organization.”
Joerres added, “We are anticipating the fourth quarter of 2012 diluted earnings per share to be in the range of 72 cents to 80 cents, which includes an estimated unfavorable currency impact of 1 cent. This is before considering anticipated reorganization charges.”
