(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)