Manpower Net Jumps 48% On Improved Business Mix
- Scott Peters
- U.S.A. New York City
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Quarterly revenues increased 4% and jumped 10% on a constant currency basis. Repurchased $60 million of stocks in the quarter.
Manpower Group said first quarter 2022 revenues increased 4% to $5.14 billion, net income soared 48% to $91.6 million and diluted earnings per share jumped 51% to $1.68 from $1.11 a year ago. The recruitment services provider guided second quarter earnings per share range between $2.31 and $2.39 including estimated unfavorable currency impact of 19 cents and excluding integration costs between $4 million and $6 million.
The current year quarter included integration costs from the U.S. Experis acquisition and the net loss related to the sale of our Russia business in January. These costs reduced earnings per share by $0.20 in the current quarter. Excluding these costs, earnings per share was $1.88 per diluted share in the quarter.
Financial results in the quarter were also impacted by the stronger U.S. dollar relative to foreign currencies compared to the prior year period, resulting in a 10 cent negative impact to earnings per share in the quarter compared to the prior year. On a constant currency basis, revenues increased 10% (6% organic constant currency) compared to the prior year period. Excluding the net impact of integration costs and the loss from our Russia disposition, on a constant currency basis net earnings per diluted share increased 64% during the quarter.
Jonas Prising, ManpowerGroup Chairman & CEO, said, "Our first quarter results demonstrate very good execution of our strategic initiatives to improve our business mix and strong demand for our higher margin offerings. Even with the tragic events unfolding in Ukraine we continue to see good growth opportunities overall for our staffing and workforce solutions services in Europe as well as globally.
Annual Returns
Company | Ticker | 2025 | 2024 | 2023 |
---|---|---|---|---|
ManpowerGroup | MAN | 0% | -28% | -8% |