Manpower reports strong 4th quarter, full-year 1999 results
Earnings per share rise 19% for 4th quarter, 16% for 1999 Systemwide sales rise by $1 billion, to $11.5 billion
MILWAUKEE, FEBRUARY 15, 2000 - Manpower Inc. (NYSE:MAN) today reported that net income for the year ended December 31, 1999, rose 13 percent to $150.0 million, or $1.91 per diluted share, from $132.8 million, or $1.64 per diluted share a year earlier. Results for 1998 exclude a one-time charge related to the write-down of capitalized software recorded in the fourth quarter.
For the fourth quarter of 1999, net income rose 16 percent to $48.8 million, or 63 cents per diluted share, from $42.0 million, or 53 cents per diluted share, a year earlier, again excluding the one-time fourth quarter 1998 charge.
"Our continued growth in the quarter was fueled by strong gains in Europe and good expense control in the U.S.," President and Chief Executive Officer Jeffrey A. Joerres said. "Revenues from our investments in fast-growing markets in Germany, Sweden and Spain grew by 46 percent in constant currencies, while operating profits grew even faster. In France, local-currency revenues were up 16 percent, while operating profits were up 64 percent, thanks to improved pricing and efficiencies. And in the U.S., 6 percent revenue growth combined with good expense control drove operating profits 8 percent higher."
"We set aggressive performance targets for 1999 and achieved them," Joerres said. "We're entering 2000 with solid momentum, and barring major shifts in the global economy, we are looking forward to continued growth this year."
Systemwide sales for 1999 rose 9 percent from the previous year to $11.5 billion. For the fourth quarter, systemwide sales increased 10 percent to $3.1 billion.
This press release contains statements that are forward looking in nature and, accordingly, are subject to risks and uncertainties regarding the Company's expected future financial results. The Company's actual results may differ materially from those described or contemplated. Factors that may cause the Company's actual results to differ materially from those contained in the forward-looking statements can be found in the Company's reports filed with the SEC, including the Company's Annual Report on Form 10-K for the year ended December 31, 1998.
Manpower provides staffing services and workforce management solutions to a wide variety of customers through more than 3,300 offices in 52 countries. The company annually provides employment and training to more than 2 million people worldwide. More information, including recent news releases, can be found at the company's web site, www.manpower.com.