ManpowerGroup's 2Q Results: Postgame Scorecard
For the second quarter, ManpowerGroup (NYSE:MAN) saw a decline in net income.
Earnings and Revenue The company posted revenues in line with analyst predictions, though the company's EPS came up short of expectations. The company reported EPS of 51 cents a share versus the 72 cents a share estimate and revenues of $5.2 billion versus the $5.21 billion estimate. The company's reported EPS came in below the low estimate of 13 analysts of a profit of 68 cents.
The company's net income for the quarter fell 43.6% to $41 million. Revenue fell 8.2% from $5.67 billion in the same period last year.
Company Fundamental Trends Slumping revenue in the last quarter ends The company's streak of at least four consecutive quarters of revenue increases.
History Against Expectations The company missed forecasts after topping estimates in the previous two quarters. In the first quarter, it topped the mark by 15 cents, and in the fourth quarter of the last fiscal year, it was ahead by 11 cents.
Official Comment: ManpowerGroup Chairman and CEO Jeffrey A. Joerres, said, "The second quarter underscored our ability to execute well in a difficult environment. It was a quarter in which we experienced mild but steady declines in revenue throughout the quarter. Europe, which comprises 65% of our business, not surprisingly experienced the most decline in the quarter."Our investments and execution in our Solutions business continued to generate strong revenue and earnings as well as contribute to our goal of gross margin expansion."We are anticipating the third quarter of 2012 diluted earnings per share to be in the range of 64 to 72 cents, which includes an estimated unfavorable currency impact of 8 cents," Joerres stated.
Estimates provided by Zacks Investment Research and company fundamentals from Xignite Financials.