Temporary Staffing On the Rise
John Schmid of the Journal Sentinel July 21 2010 02:15:00 PM
Manpower earnings up sharplyManpower Inc., a globally active staffing services company, on Wednesday reported higher-than-expected quarterly earnings as employers around the world turn to temporary hires and contract workers rather than commit to permanent hires in an uncertain environment.
"In almost all geographies we are taking market share," Jeff Joerres, chief executive of Milwaukee-based Manpower (MAN), said in a conference call with analysts.
The company's net profit in the second quarter rose to $32.7 million, or 40 cents per share, from $16.3 million, or 21 cents a share, a year earlier. Analysts on average expected Manpower to earn 22 cents per share.
Sales for the quarter rose 21% to $4.6 billion.
"We are constantly monitoring the economic trends and their potential uncertainties," Joerres said. "We have not felt any slowdown as we enter the third quarter."
Manpower generates most of its business outside the United States, with France as its single-biggest market.
Joerres acknowledged that many forecasters talk of economic uncertainty and potential "bear traps."
"Companies right now need to be more agile," Joerres said.
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