FINANCIALS: Manpower doubles net earnings in Q4
31 January 2014
International recruiting giant ManpowerGroup almost doubled its net earnings in the fourth quarter of 2013.
Fri, 31 Jan 2014International recruiting giant ManpowerGroup almost doubled its net earnings in the fourth quarter of 2013.
Net earnings rose to $101.2m (£61.4m) compared to $53.3m a year earlier. Revenues for the fourth quarter totalled $5.3bn, an increase of 1% from the year earlier.
The company says the fourth quarter results included a restructuring charge “related to our simplification and cost recalibration plan of $26.5m”.
ManpowerGroup chairman and chief executive officer Jeffrey Joerres says: "The fourth quarter was a good quarter with solid performances from many of our major geographies and business units. Our team continues to execute very well which is contributing nicely to our cost recalibration efforts. We were able to achieve the upper end of our revenue targets as we are experiencing a slightly more positive environment, particularly in Europe. This said, while we are gaining increased confidence we remain guarded on revenue growth in the first quarter.”
Net earnings for the whole of 2013, were $288m compared to $197.6m in 2012. Revenues for the year were $20.3bn, a decrease of 2% from the previous year in US dollars and constant currency.
Net earnings rose to $101.2m (£61.4m) compared to $53.3m a year earlier. Revenues for the fourth quarter totalled $5.3bn, an increase of 1% from the year earlier.
The company says the fourth quarter results included a restructuring charge “related to our simplification and cost recalibration plan of $26.5m”.
ManpowerGroup chairman and chief executive officer Jeffrey Joerres says: "The fourth quarter was a good quarter with solid performances from many of our major geographies and business units. Our team continues to execute very well which is contributing nicely to our cost recalibration efforts. We were able to achieve the upper end of our revenue targets as we are experiencing a slightly more positive environment, particularly in Europe. This said, while we are gaining increased confidence we remain guarded on revenue growth in the first quarter.”
Net earnings for the whole of 2013, were $288m compared to $197.6m in 2012. Revenues for the year were $20.3bn, a decrease of 2% from the previous year in US dollars and constant currency.
