Last updated on July 2nd, 2019 at 09:08 pm
Milwaukee-based global workforce recruitment firm ManpowerGroup Inc. today reported higher than expected profits, but a flat revenue figure.
First quarter net income was $127.4 million, or $1.87 per diluted share, up from $123.9 million, or $1.66 per share, in the fourth quarter of 2015. EPS beat SeekingAlpha’s analyst consensus by 16 cents.
The strong U.S. dollar continued to impact the company in the quarter, with foreign currency translation negatively impacting EPS by 7 cents; at the same time, an insurance settlement had a favorable impact on EPS of 7 cents.
Revenue totaled $5 billion in the fourth quarter, flat from the same period in 2015. The sales figure was about $20 million lower than expected by analysts, according to SeekingAlpha. ManpowerGroup’s stock traded lower this morning as a result.
Operating profit was $212 million in the fourth quarter, up 17.1 percent from $181.1 million in the fourth quarter of 2015.
“We are very pleased with our strong performance in the fourth quarter, with improving top line growth and strong bottom line performance, capping off a solid year, despite the uneven and slow growth environment in 2016,” said Jonas Prising, chairman and chief executive officer of ManpowerGroup.
For the full year, ManpowerGroup reported profits of $443.7 million, or $6.27 per diluted share, up from $419.2 million, or $5.40 per share, in 2015.
Full-year revenue was $19.7 billion, up 1.7 percent from $19.3 billion in the prior year.
“I believe the solid performance can be attributed to our market strategy, featuring strong and connected brands, a diversified portfolio of leading services and solutions, delivered by our global network,” Prising said of the 2016 results.
