ManpowerGroup profit up 30.4% in Q1

Strong labor market drives growth

ManpowerGroup headquarters
ManpowerGroup's global headquarters in downtown Milwaukee.

Milwaukee-based ManpowerGroup today reported higher profits and revenues, driven by economic growth and stronger labor markets.

ManpowerGroup headquarters
ManpowerGroup’s global headquarters in downtown Milwaukee.

ManpowerGroup reported first quarter net income of $97 million, or $1.45 per diluted share, in the first quarter, up 30.4 percent from $74.4 million, or $1.09 per share, in the first quarter of 2017.

ManpowerGroup recorded $24 million in restructuring costs during the quarter, which had a 27-cent negative impact on earnings per share. But its profit was positively impacted by stronger foreign currencies relative to the U.S. dollar, which contributed 14 cents per share.

Operating profit was $153.8 million, up from $127.9 million in the first quarter of 2017.

Revenue totaled $5.5 billion in the first quarter, up 16 percent from $4.8 billion in the first quarter of 2017.

“We are pleased with the solid start to the year, with strong revenue growth, improved productivity and increased earnings,” said Jonas Prising, chairman and chief executive officer of ManpowerGroup. “We are seeing good broad-based demand globally for our services and our workforce solutions. We are well-placed to seize future growth opportunities thanks to our industry-leading global footprint and extensive portfolio of innovative workforce solutions.”

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Molly Dill, former BizTimes Milwaukee managing editor.

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