UPDATE: ManpowerGroup Posts Higher Q2 Earnings

ManpowerGroup

reported a 61% surge in its second-quarter earnings. ManpowerGroup's quarterly profit rose to $109.8 million, or $1.35 per share, versus a year-ago profit of $68.2 million, or $0.87 per share. The previous-year quarter's results included a restructuring charge of $20 million, while earnings in the recent quarter were favorably impacted by $0.03 per share from stronger foreign currencies. The company had projected earnings of $1.26 to $1.34 per share. Its revenue climbed 5.6% to $5.32 billion. Its cost of services rose 5.2%. However, analysts were expecting earnings of $1.33 per share on revenue of $5.30 billion. ManpowerGroup CEO Jonas Prising, said, "In the second quarter, we saw our revenue growth improve in a number of major operations including the U.S., U.K. and Italy. This combined with our continued focus on efficiency and productivity, has resulted in good operational leverage and healthy earnings growth." ManpowerGroup now expects Q3 earnings of $1.46 to $1.54 per share, versus analysts' estimates of $1.45 per share. ManpowerGroup shares fell 0.17% to $83.00 in pre-market trading.