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ManpowerGroup Inc. (NYSE:MAN) Q2 Net Jumps 61%, Exceeding Analysts’ Expectations

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ManpowerGroup Inc. (NYSE:MAN), a provider of workforce services including recruitment, training and outsourcing, reported a 61% jump in Q2 earnings, topping analysts’ expectations, and forecast Q3 earnings mostly above analysts’ view.

The company’s net earnings rose to $109.8 million, or $1.35 per share, from $68.2 million, or $0.87 per share, a year earlier. Analysts polled by Capital IQ were expecting a profit of $1.33 per share. Skewing the per-share comparison, there were 3.5% more diluted shares outstanding in the latest period. Also, the prior-year period’s earnings included a restructuring charge of $0.18 per share.

The latest period’s earnings were boosted by $0.03 per share as a result of foreign currencies being relatively stronger than in the prior-year period, the company said.

Revenue climbed 5.6% to $5.32 billion, in line with analysts’ mean estimate of $5.3 billion. The increase was 3.7% in constant currency. Revenue from the Americas climbed 1.4%, while it jumped 9.3% in Southern Europe and was up 5.6% in Northern Europe. In constant currency, Americas revenue was up 5%, Southern Europe revenue was up 4.2% and Northern Europe revenue climbed 3.7%.

CEO Jonas Prising said the company expects Q3 EPS of $1.46 to $1.54, which includes an estimated favorable currency impact of $0.02 per share. Analysts recently were expecting $1.46 per share.

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