Milwaukee-based global staffing firm ManpowerGroup today reported first quarter net earnings of $70.1 million, or 86 cents per share, up 193 percent from $23.9 million, or 31 cents per share, in the first quarter of 2013.
Revenue was $4.9 billion, up 3 percent from $4.7 million a year prior.
The company attributed the sharp increase in earnings to a $34.8 million restructuring charge related to office consolidations and severance costs. There were no restructuring charges in the first quarter this year.
“Despite the slow start in January, we are experiencing more positive revenue trends as we enter the second quarter in almost all of the major geographies,” said Jeffrey Joerres, chairman and chief executive officer of ManpowerGroup. “Growth in our Europe business improved to over 4 percent in constant currency in the quarter, and exceeded 3 percent on an average daily basis.
“The work that our team did last year to simplify and re-calibrate our company is paying off as we were able to achieve strong flow through and operational leverage.”