ManpowerGroup's 3Q net income jumps 50 percent

Staffing company ManpowerGroup posts 50 pct jump in 3rd-qtr profit as European business gains

Associated Press

NEWS: ManpowerGroup Inc. said Monday that its net income jumped 50 percent as it cut costs and its business in Europe slowly improved. It third-quarter results and its fourth-quarter outlook beat Wall Street expectations.

DETAILS: The staffing company's CEO, Jeffrey Joerres, said in a statement that its European operations "experienced slow but steadily improving trends throughout the quarter."

Revenue in Southern Europe rose 5 percent to $1.9 billion from $1.8 billion. In Northern Europe, revenue rose 1.5 percent to $1.45 billion from $1.43 billion.

NUMBERS: In the three months that ended Sept. 30, net income rose to $94.7 million, or $1.18 per share. That compares with $63.1 million, or 79 cents per share, in the 2012 third quarter. Excluding restructuring charges and severance costs, the company earned $1.26 per share.

Analysts, on average expected earnings of $1.09 per share, according to FactSet.

Third-quarter revenue was practically unchanged from a year ago at $5.19 billion.

Analysts expected revenue of $5.1 billion.

FUTURE: Milwaukee-based ManpowerGroup said that it expects to earn between $1.18 per share and $1.26 per share in the fourth quarter. Analysts expect $1.17 per share.

STOCK: ManpowerGroup shares started Monday's trading session with a 3 percent jump to $81.71, their highest point since 2007. The stock then reversed course, and lost $1.51, or 2 percent, to $77.80 in midday trading on heavier than normal volume.

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