Mike Van Handel of Manpower
MILWAUKEE, July 19 /PRNewswire-FirstCall/ — Manpower Inc. (NYSE:MAN) today reported that earnings per diluted share for the three months ended June 30, 2007 increased 104% to $1.86 from 91 cents in the prior year period. Net earnings in the quarter increased to $160.4 million from $80.4 million a year earlier. Revenues for the second quarter were $5.0 billion, an increase of 15 percent from the year earlier period.
Second quarter results were favorably impacted 66 cents per diluted share as a result of a change in the calculation of French payroll taxes retroactive to January 1, 2006. Of this amount, 45 cents relates to reduced payroll taxes for 2006, 10 cents for the first quarter of 2007 and 11 cents the second quarter of 2007. Second quarter results were also favorably impacted by 5 cents per diluted share as foreign currencies were relatively stronger compared to the second quarter of 2006. On a constant currency basis, revenues increased 9% over the prior year period.
“We continue to experience positive trends throughout the major geographies and segments of our business, with the European geography driving a substantial portion of our growth in both revenue and profit,” said Jeffrey A. Joerres, Chairman and CEO.
“Throughout the world our organization continues to make great strides in securing growth at profitable levels, expanding our offering in permanent recruitment and driving efficiencies. The Manpower team is doing an impressive job of helping our clients win, while at the same time, improving our operational excellence.
“We are anticipating the third quarter of 2007 diluted earnings per share to be in the range of $1.39 to $1.43, which includes an estimated favorable currency impact of 8 cents,” Joerres stated.
Earnings per diluted share for the six months ended June 30, 2007 were $2.54 compared to $1.50 per diluted share in 2006. Net earnings were $219.9 million compared to $133.0 million in the prior year. Revenues for the six-month period were $9.6 billion, an increase of 16 percent from the prior year or 9 percent in constant currency. Foreign currency exchange rates had a favorable impact of 10 cents for the six-month period.
Included in net earnings in the first half of 2006 is a 16 cent per diluted share charge related to reorganization costs and a global cost reduction initiative. Also included in the prior year period are earnings per diluted share from discontinued operations of 27 cents.
In conjunction with its second quarter earnings release, Manpower will broadcast its conference call live over the Internet on July 19, 2007 at 7:30 a.m. CDT (8:30 a.m. EDT). Interested parties are invited to listen to the webcast and view the presentation by logging on to http://investor.manpower.com/.
Supplemental financial information referenced in the conference call can be found at http://investor.manpower.com/.