Europe Weak Job Market – Manpower profit slumps

Global staffing services provider ManpowerGroup (MAN.N) on Friday reported sharply lower quarterly profit that beat Wall Street expectations as Europe’s major economies weakened and a stronger dollar reduced results.

Net earnings fell 44 percent to $41 million, or 51 cents per share, from $72.7 million, or 87 cents per share, a year ago.

Excluding one-time reorganization and other charges, Manpower earned 76 cents a share, 5 cents ahead of average analyst estimates according to Thomson Reuters I/B/E/S.

“Europe, which comprises 65 percent of our business, not surprisingly experienced the most decline in the quarter,” Chief Executive Jeff Joerres said…

via Manpower profit slumps on Europe, stronger dollar | Reuters.