(Adds revenue forecast, details)
April 23 Manpower Group Inc's quarterly
profit almost tripled, helped by a recovery in hiring in Europe
and lower costs, and it forecast accelerating growth in the
The world's third-largest staffing company said its net
income rose to $70.1 million, or 86 cents per share, in the
first quarter ended March 31, well above market expectations and
up from $23.9 million, or 31 cents per share, a year earlier.
Last year's first-quarter net income was cut by 32 cents a
share because of a restructuring charge.
The Milwaukee, Wisconsin based company is beginning to see
benefits from a stabilizing European economy, where quarterly
revenue rose more than 4 percent in constant currency terms.
First-quarter revenue rose 3 percent to $4.90 billion and
the company forecast revenue growth to accelerate to 4-6 percent
in the current quarter.
The company forecast second-quarter earnings between $1.26
to $1.34 per share, topping the average expectation from
analysts of $1.20 per share, according to Thomson Reuters
For the first quarter, analysts on average had expected
earnings of 69 cents per share on revenue of $4.89 billion.
Based on the European Commission's latest forecast, the euro
zone economy is expected to return to growth this year with a
1.2 percent expansion, accelerating to 1.8 percent the following
year. It shrank 0.4 percent in 2013.
The company's shares closed at $77.88 on the New York Stock
Exchange on Tuesday.
(Reporting By Abinaya Vijayaraghavan and Sagarika Jaisinghani
in Bangalore; Editing by Saumyadeb Chakrabarty and Rodney Joyce)