Workforce solutions provider ManpowerGroup (MAN) Monday reported higher profit for the second quarter, reflecting about 6 percent growth in revenues.
For the second quarter, the company's net earnings climbed to $109.8 million or $1.35 per share from $68.2 million or $0.87 per share a year ago.
On average, 14 analysts polled by Thomson Reuters expected the company to report profit per share of $1.33 for the quarter. Analysts' estimates typically exclude special items.
The company said its recent-quarter earnings were favorably impacted by $0.03 per share, as foreign currencies were relatively stronger in the period. The prior-year quarter included office consolidations and severance costs totaling $0.18 per share.
Revenues from services increased 5.6 percent to $5.32 billion from $5.04 billion a year ago. On a constant currency basis, quarterly revenues rose 3.7 percent. Analysts projected revenue of $5.30 billion.
Revenues from the Americas operating unit improved 1.4 percent, Southern Europe revenues were up 9.3 percent, and Northern Europe showed a revenue increase of 9.2 percent.
Selling and administrative expenses were $709.9 million, compared to $708.3 million last year.
CEO Jonas Prising stated, "In the second quarter, we saw our revenue growth improve in a number of major operations including the U.S., U.K. and Italy. This combined with our continued focus on efficiency and productivity, has resulted in good operational leverage and healthy earnings growth."
Looking ahead, for the third quarter, the firm expects earnings per share to be in the range of $1.46 to $1.54, including an estimated favorable currency impact of $0.02 per share. Analysts estimate earnings per share of $1.45 for the quarter.
MAN closed Friday's regular trading at $83.14.
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