ManpowerGroup today reported fourth quarter net earnings of $63.6 million, or 78 cents per share, up from a net loss of $350.4 million, or $4.29 per share, in the same period a year ago.
The Milwaukee company's revenues for the quarter totaled $5.5 billion, an increase of 5 percent from the year earlier period.
Included in the current year fourth quarter results is a reorganization charge, primarily related to office consolidations and severance costs, of $20.5 million. Net earnings in the quarter were not significantly impacted by changes in foreign currencies.
The prior year fourth quarter results included a goodwill and intangible asset impairment charge of $4.70 per diluted share and a reorganization charge of 25 cents per diluted share.
"We had a strong fourth quarter performance," said Jeffrey Joerres, ManpowerGroup chairman and chief executive officer. "The team executed well both operationally and strategically - we were able to achieve a 29 percent increase in underlying operating profit for the fourth quarter and 61 percent for the year, while substantially moving forward our strategic drivers. Our Solutions business continued to gain momentum as our clients are valuing our portfolio of offerings. Asia continued to lead the pack in revenue and profitability growth."
Looking ahead, Joerres said, "We are cautiously optimistic about the first quarter, given the economic back drop, but any sizable disruption in Europe would affect our performance. We are anticipating the first quarter of 2012 diluted earnings per share to be in the range of 30 cents to 38 cents with an unfavorable currency impact of 2 cents per share."