ManpowerGroup earnings up 3.4% despite headwinds

Workforce solutions firm sees stronger economic conditions

ManpowerGroup headquarters
ManpowerGroup's global headquarters in downtown Milwaukee.

Last updated on July 2nd, 2019 at 09:19 am

Despite a restructuring charge and the negative impact of a strong U.S. dollar, Milwaukee-based ManpowerGroup Inc. reported a 3.4 percent increase in profits in the second quarter, which it attributed to a stronger world economy.

ManpowerGroup headquarters
ManpowerGroup’s global headquarters in downtown Milwaukee.

The global staffing and workforce solutions firm reported second quarter net income of $117 million, or $1.72 per diluted share, up 3.4 percent from $115.4 million, or $1.60 per diluted share, in the second quarter of 2016. Restructuring charges reduced earnings per share by 10 cents in the most recent quarter. And unfavorable currency translation reduced EPS by another 3 cents.

Revenues from services totaled $5.2 billion, up from $5 billion in the year-ago quarter.

Operating profit was $194.6 million, down from $196 million in the second quarter of 2016. Cost of services increased about 3.6 percent year-over-year.

“We are pleased with our strong second quarter results,” said Jonas Prising, chairman and chief executive officer of ManpowerGroup. “The labor markets continue to improve in Europe and across the globe, which is a good foundation for continued profitable growth as we head into the second part of 2017. The improving market conditions were spread across the geographies where we operate, and revenue growth was strong in a number of our countries, with our teams in France, Italy, Mexico and Poland leading the way.”

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