ManpowerGroup 3Q results top Wall Street's view
MILWAUKEE (AP) — ManpowerGroup's third-quarter net income fell 21 percent as the staffing company's results continue to be pressured by softer foreign currencies. But the results beat Wall Street expectations and its fourth-quarter earnings forecast topped analysts' estimates.
The Milwaukee-based company's stock gained more than 10 percent in midday trading on Friday.
For the three months ended Sept. 30, ManpowerGroup earned $63.1 million, or 79 cents per share, down from $79.6 million, or 97 cents per share, in the prior-year period.
Analysts surveyed by FactSet forecast earnings of 68 cents per share.
Revenue slipped 11 percent to $5.17 billion from $5.78 billion on weakness in Europe and the U.S. Analysts expected $5.11 billion.
For the fourth quarter, the company expects earnings of 72 cents to 80 cents per share. The guidance includes 1 cent per share for an estimated unfavorable foreign currency impact and does not account for anticipated reorganization charges.
Analysts predict earnings of 69 cents per share.
ManpowerGroup has almost 3,900 offices in 80 countries and territories.
Its stock rose $3.76, or 10.5 percent, to $39.74 on midday trading. Over the past year, the shares have traded between $30.53 and $48.28.