ManpowerGroup reports strong first quarter

Restructuring charges ding staffing firm

ManpowerGroup headquarters
ManpowerGroup's global headquarters in downtown Milwaukee.

Milwaukee-based workforce solutions and staffing firm ManpowerGroup Inc. today reported a strong first quarter profit and revenue.

ManpowerGroup headquarters
ManpowerGroup’s global headquarters in downtown Milwaukee.

Net income totaled $74.4 million, or $1.09 per diluted share, up 3.8 percent from $71.7 million, or 98 cents per share, in the first quarter of 2016.

Earnings per share were negatively impacted by 30 cents per share in the first quarter due to $24 million in restructuring charges and 3 cents per share due to the strong U.S. dollar. Those were offset by a lower income tax rate, which positively impacted EPS by 20 cents.

Operating profit was $127 million, down 3.6 percent from $131.7 million in the first quarter of 2016.

Revenue was $4.8 billion in the first quarter, up 3.7 percent from $4.6 billion in the year-ago quarter.

ManpowerGroup had $7.7 billion in assets at the end of the first quarter, up from $7.6 billion in the same period a year ago.

“The strong first quarter results are very encouraging, and build on the progress we made last year,” said Jonas Prising, chairman and chief executive officer of ManpowerGroup. “We are seeing further broad-based improvement in Europe, setting the stage for what we believe could be a slow but sustained labor market recovery in that region. Our workforce services and solutions are resonating with our clients and candidates, which gives us the confidence that we are on the right track and well placed to seize further opportunities during 2017.”

ManpowerGroup has 27,000 employees at 2,900 offices worldwide, about 900 of whom are based at the Milwaukee headquarters. The company serves 400,000 clients in 80 countries.

Sign up for BizTimes Daily Alerts

Stay up-to-date on the people, companies and issues that impact business in Milwaukee and Southeast Wisconsin

Molly Dill, former BizTimes Milwaukee managing editor.

No posts to display