Manpower Inc. today reported first quarter net earnings of $75.5 million, or 94 cents per share, up 27 percent from $59.5 million, or 69 cents per share, in the same period a year ago.
The downtown Milwaukee-based staffing company's quarterly revenues rose to $5.4 billion, up 19 percent from a year earlier.
Results for the first quarter were favorably impacted by 14 cents per share as foreign currencies were relatively stronger compared with the first quarter of 2007. On a constant currency basis, revenues increased 8 percent over the prior year period.
"The first quarter performance underscores, once again, the strength of our geographic and service line portfolio. Operations like Elan, Germany and Italy performed extremely well with local currency revenue growth of 43%, 22% and 15%, respectively. In these important markets, while we remain on guard, we do not detect any material slowing in our business," said Jeffrey Joerres, Manpower chairman and chief executive officer. "While economic conditions remain uncertain in parts of the world, we believe our team, coupled with the strength of our portfolio of services, will deliver solid results in the second quarter. We anticipate our second quarter diluted earnings per share to be in the range of $1.47 to $1.51, which includes an estimated favorable currency impact of 20 cents."
Cheap dollar propels Manpower's earnings
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