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28 June, 2017 10:58 IST
ManpowerGroup first-quarter profit rises 3.77 percent on a YOY basis
Source: IRIS | 22 Apr, 2017, 12.15AM

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ManpowerGroup Inc (MAN) has reported a 3.77 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $74.40 million, or $1.09 a share in the quarter, compared with $71.70 million, or $0.98 a share for the same period last year.      

Revenue during the quarter grew 3.69 percent to $4,757.20 million from $4,587.70 million in the previous year period. Gross margin for the quarter contracted 31 basis points over the previous year period to 16.56 percent. Total expenses were 97.33 percent of quarterly revenues, up from 97.13 percent for the same period last year. That has resulted in a contraction of 20 basis points in operating margin to 2.67 percent.

Operating income for the quarter was $127 million, compared with $131.70 million in the previous year period.

Jonas Prising, ManpowerGroup chairman and chief executive officer, said, “The strong first quarter results are very encouraging, and build on the progress we made last year. We are seeing further broad-based improvement in Europe, setting the stage for what we believe could be a slow but sustained labor market recovery in that region.

The company projects diluted earnings per share to be in the range of $1.67 to $1.75 for the second-quarter.

Operating cash flow improves
ManpowerGroup Inc has generated cash of $
191 million from operating activities during the quarter, up 16.04 percent or $26.40 million, when compared with the last year period.

The company has spent $21.80 million cash to meet investing activities during the quarter as against cash outgo of $30 million in the last year period. It has incurred net capital expenditure of $10.10 million on net basis during the quarter, down 37.65 percent or $6.10 million from year ago period.

The company has spent $55.60 million cash to carry out financing activities during the quarter as against cash outgo of $134.30 million in the last year period.

Cash and cash equivalents stood at $724.40 million as on Mar. 31, 2017, down 3.10 percent or $23.20 million from $747.60 million on Mar. 31, 2016.

Working capital decreases marginally
ManpowerGroup Inc has witnessed a decline in the working capital over the last year. It stood at $
1,653.60 million as at Mar. 31, 2017, down 4.59 percent or $79.50 million from $1,733.10 million on Mar. 31, 2016. Current ratio was at 1.45 as on Mar. 31, 2017, down from 1.50 on Mar. 31, 2016.

Days sales outstanding went down to 82 days for the quarter compared with 85 days for the same period last year.

At the same time, days payable outstanding was almost stable at 42 days for the quarter, when compared with the previous year period.

Debt comes down
ManpowerGroup Inc has recorded a decline in total debt over the last one year. It stood at $
833.60 million as on Mar. 31, 2017, down 5.23 percent or $46 million from $879.60 million on Mar. 31, 2016. Total debt was 10.86 percent of total assets as on Mar. 31, 2017, compared with 11.65 percent on Mar. 31, 2016. Debt to equity ratio was almost stable at 0.33 as on Mar. 31, 2017, when compared with the last year.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.ne t



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