ManpowerGroup Q4 Profit Plunges On Decreased Revenue

(RTTNews) - ManpowerGroup (MAN), a provider of global workforce solutions on Tuesday announced vastly lower results for the fourth quarter, attributed mainly to the revenue dip following the strengthening of the U.S. Dollar relative to foreign currencies. However, revenues beat the Street estimates.

Net earnings for the period stood at $48.7 million or $0.95 per share as compared to $111.1 million or $2.02 per share in the fourth quarter of the prior year.

10 analysts polled by Thomson Reuters were expecting the company to report earnings of $2.11 per share. Analysts typically exclude one-time items.

Revenues declined 11 percent to $4.81 billion, from $5.38 billion in the prior period. The decline in revenues on a constant currency basis was around 1 percent.

7 analysts polled by Thomson Reuters were expecting the company to report revenues of $4.76 billion.

The company expects earnings per share in the first quarter to be between $1.61 and $1.71, which includes an estimated unfavorable currency impact of 15 cents.

Shares of ManpowerGroup closed Monday's trading at $86.90, down $0.30 or 0.34 percent from the previous close.