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Manpower gets boost from EU jobs market

Monday, July 21 14:36:29

Staffing company Manpower Group reported better-than-expected second-quarter results and forecast third-quarter profit above analysts' expectations, helped by a pick up in hiring in Europe.

A steady fall in the European Union's unemployment rate this year has helped ManpowerGroup, which gets about two-thirds of its revenue from Europe.

The unemployment rate in the region fell to 10.3 percent in May from 10.6 percent at the start of the year, according to data from Eurostat, the statistical office of EU.

Manpower said on Monday it expects earnings of $1.46-$1.54 per share for the current quarter, compared with the average analyst estimate of $1.45, according to Thomson Reuters I/B/E/S.

The staffing sector is generally seen as a barometer of economic health, as changes in employment in the staffing industry coincide with changes in the overall economy.

Manpower said revenue from Europe rose about 9 percent in the second quarter ended June 30, helped by growth in regions including the U.K. and Italy.

The company's total revenue from services rose 5.6 percent to $5.32 billion, beating analysts' average estimate of $5.30 billion.

Net income increased 61 percent to $109.8 million, or $1.35 per share, from a year earlier when it took a restructuring charge of $20 million.

Analysts had expected earnings of $1.33 per share.

The Milwaukee, Wisconsin-based company's shares closed at $83.14 on Friday. The stock has risen more than a quarter in the past year, compared with a 4 percent fall in the Dow Jones U.S. Business Training and Employment Agencies Index.

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