April 23, 2014 / 12:21 PM / in 4 years

UPDATE 1-Recovering Europe, lower costs boost Manpower profit

(Adds revenue forecast, details)

April 23 (Reuters) - 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 current quarter.

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 I/B/E/S.

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)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below