ManpowerGroup (MAN) Tuesday said second-quarter net earnings fell to $105.7 million, or $1.33 per share from $109.8 million, or $1.35 per share, a year earlier. On average, 15 analysts polled by Thomson Reuters expected earnings of $1.28 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues dropped 9 percent to $4.86 billion from $5.32 billion. Analysts expected revenues of $4.77 billion.
According to the company, the results in the quarter were significantly impacted by the stronger U.S. dollar relative to several foreign currencies compared to the prior year period. On a constant currency basis, revenues increased 7% and earnings per share increased 16%. Earnings per share in the quarter were negatively impacted 23 cents by changes in the foreign currencies compared to the prior year.
The company expects third-quarter earnings per share to range between $1.50 and $1.58, which includes an estimated unfavorable currency impact of 24 cents. Analysts expect earnings of $1.54 per share.
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