ManpowerGroup Q3 profit up 4.3%

Workforce solutions firm benefits from uneven economy

ManpowerGroup headquarters
ManpowerGroup's global headquarters in downtown Milwaukee.

Milwaukee-based ManpowerGroup Inc. today reported third quarter net income of $129.2 million, or $1.87 per diluted share, up about 4.3 percent from $123.9 million, or $1.61 per diluted share, in the third quarter of 2015.

ManpowerGroup headquarters
ManpowerGroup’s global headquarters in downtown Milwaukee.

Revenue was $5.1 billion, up 2.3 percent from $5 billion in the same period a year ago. Operating profit was $211.1 million, up from $206.3 million in the third quarter of 2015.

The strong U.S. dollar prevented an even better revenue performance, the company said. Adjusted diluted earnings per share would have increased 18 percent, while revenue would have improved 4 percent year-over year.

But the staffing and workforce solutions firm has benefited from employer uncertainty in a rocky economy. While U.S. service revenue was down, most of the company’s other geographic sectors saw an increase in revenue from services.

“We executed well in the third quarter despite continued soft and uneven market conditions globally,” said chairman and chief executive officer Jonas Prising. “This slow growth environment results in our services and solutions becoming increasingly more attractive to companies that need operational and strategic flexibility. We have seen this translate into continued strong growth in our permanent recruitment and market leading workforce solutions offerings. As we look to the fourth quarter, we are well placed to seize further opportunities across all our brands.”

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Molly Dill, former BizTimes Milwaukee managing editor.

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