ManpowerGroup reported that net earnings for the three months ended June 30, 2016 were $115.4 million
OREANDA-NEWS. ManpowerGroup (NYSE: MAN) today reported that net earnings for the three months ended June 30, 2016 were $115.4 million, or $1.60 per diluted share compared to net earnings of $105.7 million, or $1.33 per diluted share in the prior year period. Revenues for the second quarter were $5.0 billion, an increase of 3% from the prior year period.
Financial results in the quarter were 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 5% and earnings per share increased 22%. Earnings per share in the quarter were negatively impacted 2 cents by changes in the foreign currencies compared to the prior year.
ManpowerGroup Chairman & CEO Jonas Prising said, "We are pleased with our second quarter results, contributing to a good first half of 2016. We were able to deliver solid results despite a softening and more uncertain global economic growth environment.
"Many organizations are looking for a trusted partner such as ManpowerGroup to help them adjust to the new normal of certain uncertainty. Our global presence and broad range of services and solutions makes us very well positioned to provide workforce solutions to our clients throughout the world.
"We are anticipating the third quarter of 2016 diluted earnings per share to be in the range of $1.66 to $1.74, which includes an estimated unfavorable currency impact of 3 cents," Prising stated.
Net earnings for the six months ended June 30, 2016 were $187.1 million, or $2.57 per diluted share compared to net earnings of $171.4 million, or $2.16 per diluted share in the prior year. Revenues for the six-month period were $9.6 billion, an increase of 2% from the prior year or an increase of 5% in constant currency. Foreign currency exchange rates had an unfavorable impact of 5 cents per share for the six-month period.
About ManpowerGroup
ManpowerGroup® (NYSE: MAN) is the world's workforce expert, creating innovative workforce solutions for nearly 70 years. As workforce experts, we connect more than 600,000 people to meaningful work across a wide range of skills and industries every day. Through our ManpowerGroup family of brands - Manpower®, Experis®, Right Management® and ManpowerGroup® Solutions - we help more than 400,000 clients in 80 countries and territories address their critical talent needs, providing comprehensive solutions to resource, manage and develop talent. In 2016, ManpowerGroup was named one of the World's Most Ethical Companies for the sixth consecutive year and one of Fortune's Most Admired Companies, confirming our position as the most trusted and admired brand in the industry.
Forward-Looking Statements
This news release contains statements, including earnings projections, that are forward-looking in nature and, accordingly, are subject to risks and uncertainties regarding the Company's expected future results. The Company's actual results may differ materially from those described or contemplated in the forward-looking statements. Factors that may cause the Company's actual results to differ materially from those contained in the forward-looking statements can be found in the Company's reports filed with the SEC, including the information under the heading 'Risk Factors' in its Annual Report on Form 10-K for the year ended December 31, 2015, which information is incorporated herein by reference.
ManpowerGroup |
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Results of Operations |
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(In millions, except per share data) |
||||
Three Months Ended June 30 |
||||
% Variance |
||||
Amount |
Constant |
|||
2016 |
2015 |
Reported |
Currency |
|
(Unaudited) |
||||
Revenues from services (a) |
$5,022.1 |
$4,861.3 |
3.3% |
4.5% |
Cost of services |
4,161.4 |
4,030.7 |
3.2% |
4.5% |
Gross profit |
860.7 |
830.6 |
3.6% |
4.5% |
Selling and administrative expenses |
664.7 |
651.9 |
2.0% |
2.9% |
Operating profit |
196.0 |
178.7 |
9.7% |
10.4% |
Interest and other expenses |
10.3 |
7.2 |
43.7% |
|
Earnings before income taxes |
185.7 |
171.5 |
8.3% |
9.1% |
Provision for income taxes |
70.3 |
65.8 |
6.9% |
|
Net earnings |
$ 115.4 |
$ 105.7 |
9.1% |
10.2% |
Net earnings per share - basic |
$ 1.61 |
$ 1.35 |
19.3% |
|
Net earnings per share - diluted |
$ 1.60 |
$ 1.33 |
20.3% |
21.8% |
Weighted average shares - basic |
71.6 |
78.3 |
-8.7% |
|
Weighted average shares - diluted |
72.3 |
79.3 |
-8.9% |
(a) |
Revenues from services include fees received from our franchise offices of $5.7 million and $6.0 million for the three months ended June 30, 2016 and 2015, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $261.2 million and $276.3 million for the three months ended June 30, 2016 and 2015, respectively. |
ManpowerGroup |
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Operating Unit Results |
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(In millions) |
||||
Three Months Ended June 30 |
||||
% Variance |
||||
Amount |
Constant |
|||
2016 |
2015 |
Reported |
Currency |
|
(Unaudited) |
||||
Revenues from Services: |
||||
Americas: |
||||
United States (a) |
$ 725.3 |
$ 762.6 |
-4.9% |
-4.9% |
Other Americas |
355.7 |
368.1 |
-3.3% |
14.2% |
1,081.0 |
1,130.7 |
-4.4% |
1.3% |
|
Southern Europe: |
||||
France |
1,252.2 |
1,202.6 |
4.1% |
2.2% |
Italy |
299.8 |
319.3 |
-6.1% |
-7.8% |
Other Southern Europe |
379.4 |
348.1 |
9.0% |
7.4% |
1,931.4 |
1,870.0 |
3.3% |
1.4% |
|
Northern Europe |
1,322.3 |
1,231.8 |
7.3% |
10.0% |
APME |
614.6 |
556.6 |
10.4% |
9.6% |
Right Management |
72.8 |
72.2 |
0.9% |
2.6% |
$5,022.1 |
$4,861.3 |
3.3% |
4.5% |
|
Operating Unit Profit: |
||||
Americas: |
||||
United States |
$ 40.0 |
$ 41.7 |
-4.0% |
-4.0% |
Other Americas |
13.8 |
14.5 |
-4.6% |
11.8% |
53.8 |
56.2 |
-4.2% |
0.1% |
|
Southern Europe: |
||||
France |
67.5 |
66.9 |
0.9% |
-0.9% |
Italy |
22.8 |
19.8 |
15.0% |
13.0% |
Other Southern Europe |
12.0 |
8.0 |
49.0% |
47.7% |
102.3 |
94.7 |
8.0% |
6.1% |
|
Northern Europe |
37.8 |
34.1 |
10.8% |
12.9% |
APME |
22.2 |
18.5 |
20.7% |
19.0% |
Right Management |
14.5 |
11.7 |
23.6% |
25.9% |
230.6 |
215.2 |
|||
Corporate expenses |
(25.6) |
(28.9) |
||
Intangible asset amortization expense |
(9.0) |
(7.6) |
||
Operating profit |
196.0 |
178.7 |
9.7% |
10.4% |
Interest and other expenses (b) |
(10.3) |
(7.2) |
||
Earnings before income taxes |
$ 185.7 |
$ 171.5 |
(a) |
In the United States, revenues from services include fees received from our franchise offices of $3.6 million and $3.9 million for the three months ended June 30, 2016 and 2015, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $170.9 million and $184.6 million for the three months ended June 30, 2016 and 2015, respectively. |
||
(b) The components of interest and other expenses were: |
||
2016 |
2015 |
|
Interest expense |
$ 9.2 |
$ 8.2 |
Interest income |
(0.8) |
(0.7) |
Foreign exchange loss |
0.7 |
- |
Miscellaneous expense (income), net |
1.2 |
(0.3) |
$ 10.3 |
$ 7.2 |
ManpowerGroup |
||||
Results of Operations |
||||
(In millions, except per share data) |
||||
Six Months Ended June 30 |
||||
% Variance |
||||
Amount |
Constant |
|||
2016 |
2015 |
Reported |
Currency |
|
(Unaudited) |
||||
Revenues from services (a) |
$9,609.8 |
$9,403.5 |
2.2% |
4.8% |
Cost of services |
7,975.3 |
7,810.9 |
2.1% |
4.8% |
Gross profit |
1,634.5 |
1,592.6 |
2.6% |
4.8% |
Selling and administrative expenses |
1,306.8 |
1,291.1 |
1.2% |
3.5% |
Operating profit |
327.7 |
301.5 |
8.7% |
10.7% |
Interest and other expenses |
23.0 |
17.8 |
29.0% |
|
Earnings before income taxes |
304.7 |
283.7 |
7.4% |
9.4% |
Provision for income taxes |
117.6 |
112.3 |
4.8% |
|
Net earnings |
$ 187.1 |
$ 171.4 |
9.1% |
11.4% |
Net earnings per share - basic |
$ 2.59 |
$ 2.18 |
18.8% |
|
Net earnings per share - diluted |
$ 2.57 |
$ 2.16 |
19.0% |
21.3% |
Weighted average shares - basic |
72.2 |
78.5 |
-8.1% |
|
Weighted average shares - diluted |
72.9 |
79.5 |
-8.3% |
(a) |
Revenues from services include fees received from our franchise offices of $10.9 million and $11.5 million for the six months ended June 30, 2016 and 2015, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $489.0 million and $526.2 million for the six months ended June 30, 2016 and 2015, respectively. |
ManpowerGroup |
||||
Operating Unit Results |
||||
(In millions) |
||||
Six Months Ended June 30 |
||||
% Variance |
||||
Amount |
Constant |
|||
2016 |
2015 |
Reported |
Currency |
|
(Unaudited) |
||||
Revenues from Services: |
||||
Americas: |
||||
United States (a) |
$1,428.4 |
$1,487.7 |
-4.0% |
-4.0% |
Other Americas |
698.5 |
727.4 |
-4.0% |
16.4% |
2,126.9 |
2,215.1 |
-4.0% |
2.7% |
|
Southern Europe: |
||||
France |
2,331.0 |
2,243.4 |
3.9% |
3.7% |
Italy |
562.9 |
589.4 |
-4.5% |
-4.6% |
Other Southern Europe |
725.2 |
679.9 |
6.7% |
6.6% |
3,619.1 |
3,512.7 |
3.0% |
2.9% |
|
Northern Europe |
2,536.2 |
2,449.5 |
3.5% |
7.0% |
APME |
1,190.8 |
1,089.7 |
9.3% |
10.8% |
Right Management |
136.8 |
136.5 |
0.2% |
2.5% |
$9,609.8 |
$9,403.5 |
2.2% |
4.8% |
|
Operating Unit Profit: |
||||
Americas: |
||||
United States |
$ 62.8 |
$ 59.1 |
6.2% |
6.2% |
Other Americas |
25.4 |
27.3 |
-6.7% |
12.3% |
88.2 |
86.4 |
2.1% |
8.1% |
|
Southern Europe: |
||||
France |
114.7 |
117.2 |
-2.1% |
-2.9% |
Italy |
38.9 |
33.8 |
15.2% |
14.5% |
Other Southern Europe |
20.4 |
16.0 |
27.0% |
26.3% |
174.0 |
167.0 |
4.2% |
3.4% |
|
Northern Europe |
70.3 |
64.1 |
9.6% |
12.2% |
APME |
41.5 |
37.3 |
11.5% |
12.4% |
Right Management |
24.0 |
17.3 |
38.4% |
40.7% |
398.0 |
372.1 |
|||
Corporate expenses |
(52.3) |
(55.6) |
||
Intangible asset amortization expense |
(18.0) |
(15.0) |
||
Operating profit |
327.7 |
301.5 |
8.7% |
10.7% |
Interest and other expenses (b) |
(23.0) |
(17.8) |
||
Earnings before income taxes |
$ 304.7 |
$ 283.7 |
||
(a) |
In the United States, revenues from services include fees received from our franchise offices of $7.0 million and $7.3 million for the six months ended June 30, 2016 and 2015, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $331.7 million and $353.3 million for the six months ended June 30, 2016 and 2015, respectively. |
(b) The components of interest and other expenses were: |
||
2016 |
2015 |
|
Interest expense |
$ 18.7 |
$ 16.2 |
Interest income |
(1.5) |
(1.2) |
Foreign exchange losses |
1.6 |
0.7 |
Miscellaneous expenses, net |
4.2 |
2.1 |
$ 23.0 |
$ 17.8 |
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