Manpower Inc. reported that net income for the three months ended September 30, 2004 increased 91 percent to $83.4 million, or 89 cents per diluted share, from $43.8 million, or 56 cents per diluted share, a year earlier. Revenues for the third quarter totaled $3.9 billion, an increase of 22 percent from the year-earlier period.
Results for the third quarter were positively affected by relatively stronger foreign currencies compared to the prior year period. On a constant currency basis, earnings per diluted share for the quarter were 85 cents on a 14 percent revenue increase. Included in the quarter was an $8 million adjustment to the income tax provision, resulting in a favorable impact on diluted earnings per share of 8 cents.
ìThe strong third quarter profit is a result of solid performances across several geographies and business units,î said Jeffrey A. Joerres, Manpower Chairman and CEO. ìWe are encouraged by the sustainable progress that we are making in our staffing and specialty businesses. The strength of the business models and demand from the market continue to enhance our long-term optimism. ìLeading the way in growth of both revenue and profit for the third quarter is Jefferson Wells, our professional financial services firm, with more than a tripling of revenue and a profit of $25.1 million.
Operations in Europe are also performing well, with revenue in our EMEA segment up 20% and profit up 80%, both in constant currency. Joerres added, ìThe Manpower team is executing superbly, which is driving the quarterís results and setting the stage for positive long-term prospects. ìAs we look ahead to the fourth quarter, we are anticipating our diluted earnings per share will be between 69 and 73 cents. This includes an estimated favorable impact from currency of 2 cents and dilution from our convertible debentures of 3 cents.î Net income for the nine months ended September 30, 2004 totaled $176.1 million or $1.91 per diluted share, an increase of 101 percent from $87.8 million, or $1.12 per diluted share in 2003. Revenues for the nine-month period were $10.9 billion, an increase of 22% from the prior year. On a constant currency basis, earnings per diluted share for the nine-month period were $1.80 on a 13 percent revenue increase. In addition to the previously discussed income tax adjustment of 8 cents per diluted share, the results for the nine-month period also include a first quarter non-recurring gain of $14.2 million ($10.2 million net of income taxes), or 12 cents per diluted share, primarily related to the gain on the sale of an equity interest in a European internet job board. In conjunction with its third quarter earnings release, Manpower will broadcast its conference call live over the Internet on October 19, 2004 at 8:00 a.m. CDT (9:00 a.m. EDT). Interested parties are invited to listen by logging on to http://investor.manpower.com. Supplemental financial information referenced in the conference call can be found at http://investor.manpower.com. Select ìFinancial Informationî and then go to the section titled, ìFinancial Measures.î
Manpower Reports 3rd Quarter 2004 Results
Net income for the three months ended September 30, 2004 increased 91 percent to $83
