MILWAUKEE (AP) -- ManpowerGroup's fourth-quarter net income dropped 16 percent after being stung by the cost of offie consolidation and severance payouts. Adjusted results topped Wall Street expectations.
For the three months ended Dec. 31, ManpowerGroup earned $53.3 million, or 68 cents per share. That compares with $63.6 million, or 78 cents per share, a year ago.
The current quarter included a reorganization charge of 23 cents per share.
Taking out the charge, earnings were 91 cents per share, easily beating the forecast of 77 cents from analysts, according to a FactSet poll.
ManpowerGroup said unfavorable foreign currency also cut a penny from per-share earns.
Revenue declined 5 percent to $5.2 billion from $5.48 billion, but still beat Wall Street's forecast of $5.13 billion.
Full-year net income dropped 22 percent to $197.6 million, or $2.47 per share, from $251.6 million, or $3.04 per share, in the prior year.
Adjusted earnings were $2.95 per share.
Annual revenue fell 6 percent to $20.68 billion from $22.01 billion.
Manpower Inc. said that its first quarter typically faces season challenges and is also contending with lukewarm demand. The Milwaukee company foresees earnings of 40 cents to 48 cents per share for the period, prior to reorganization charges.
Analysts expect first-quarter earnings of 41 cents per share.
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