Manpower Reports Third-Quarter Results; Earnings per Share up 19% and revenues increase 10%
Milwaukee, WI, October 27, 1999 - Manpower Inc. (NYSE: MAN) announced revenues for the third quarter ended September 30, 1999, of $2.6 billion, an increase of 10% over the $2.4 billion reported for the same quarter a year ago. Systemwide Sales for the quarter increased 8% to $3.1 billion from $2.8 billion. Net earnings for the quarter increased 14% to $48.9 million, or $0.63 per diluted share, compared to $42.9 million, or $0.53 per diluted share, for the same period in 1998, according to Jeffrey A. Joerres, President and Chief Executive Officer.
Joerres commented, "We did particularly well in mainland Europe, where our profit growth including France was up 32% on a constant currency basis. France by itself was even stronger than that, posting a 47% increase in local currency and setting a record quarter for the operation. We expect business conditions in Europe for the fourth quarter to be good which should give us continued profit growth."
Manpower Inc. revenues for the nine months ended September 30, 1999 were up 11% to $7.1 billion compared with $6.4 billion in the prior year. Systemwide Sales rose 9% to $8.4 billion versus $7.7 billion last year. Net earnings for the nine months were $101.3 million, or $1.29 per diluted share, an increase of 12% compared to $90.8 million, or $1.11 per diluted share in 1998.
This press release contains statements that are forward looking in nature and, accordingly, are subject to risks and uncertainties regarding the Company's expected financial results for the remainder of 1999. 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 Inc. provides staffing services and workforce management solutions to a wide variety of customers through 3,300 offices located in 52 countries. Manpower's Internet web site is www.manpower.com.