manpowergroup inc (MAN) Key Developments
ManpowerGroup Announces Demise of Chairman Emeritus, Mitchell Fromstein
Nov 8 13
ManpowerGroup Chairman Emeritus, Mitchell Fromstein, passed away on November 7, 2013 at the age of 85.
ManpowerGroup Inc. Declares Dividend Payable on December 13, 2013
Oct 29 13
ManpowerGroup Inc. declared a dividend of 46 cents per share, payable on December 13, 2013, to shareholders of record on December 3, 2013.
ManpowerGroup Launches ManpowerGroup Solutions Language Services
Oct 23 13
ManpowerGroup launched ManpowerGroup Solutions Language Services, a global provider of translation, localization and content management services. Designed to help clients inform business decisions and successfully navigate the ambiguities of the global economy, ManpowerGroup Solutions Language Services ensures consistent understanding and alignment through 'common' language by leveraging a culturally relevant, local voice. Accurate and localized communication makes the difference in aligning people with organizations' objectives and driving business results. ManpowerGroup Solutions Language Services combines more than 25 years of industry experience and capability in 150 languages. ManpowerGroup Solutions Language Services integrates into one offering the unique strengths and competencies of three established industry providers - Global Content Solutions, QT and TVcN - with delivery centers in the United States, Israel and the Netherlands. It offers clients access to a broad bench of linguistic expertise by leveraging the world's best language talent and the latest in global communication technologies.
ManpowerGroup Inc. Amends and Restates Five Year Credit Agreement with Syndicate of Lenders and Citibank, N.A
Oct 21 13
On October 15, 2013, ManpowerGroup Inc. amended and restated its Five Year Credit Agreement with a syndicate of lenders and Citibank, N.A., as Administrative Agent for the lenders. The Amended and Restated Agreement amends the Company’s Five Year Credit Agreement dated October 5, 2011 to, among other things: Decrease the revolving commitments from $800.0 million to $600.0 million, permit an increase in the aggregate revolving commitments during the term of the Amended and Restated Agreement from $600.0 million up to $800.0 million upon the company’s request and the satisfaction of various conditions, revise the termination date of the facility from October 5, 2016 to October 15, 2018, permit the termination date of the facility to be extended by an additional year twice during the term of the Amended and Restated Agreement upon the company’s request and the satisfaction of various conditions, and reduce the applicable margin and the applicable percentage at certain debt ratings, however there were no changes to the applicable margin or the applicable percentage at the company’s debt ratings as of the date of this report. The remaining material terms and conditions of the Amended and Restated Agreement are substantially similar to the material terms and conditions of the Company’s Five Year Credit Agreement dated October 5, 2011.
ManpowerGroup Inc. Reports Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2013; Provides Earnings Guidance for the Fourth Quarter of 2013
Oct 21 13
ManpowerGroup Inc. reported unaudited earnings results for the third quarter and nine months ended September 30, 2013. For the quarter, the company reported net earnings were $94.7 million or $1.21 per basic share and $1.18 per diluted share on revenues from services was $5,188.8 million against net earnings were $63.1 million or $0.79 per basic and diluted share on revenues from services was $5,172.3 million a year ago. Operating profit was $162.4 million and earnings before income taxes were $157 million against operating profit was $118.6 million and earnings before income taxes were $108.5 million a year ago. Free cash flow was very strong in the quarter, at $175 million.
For the nine months, the company reported net earnings were $186.8 million or $2.41 per basic share and $2.36 per diluted share on revenues from services was $14,998.4 million against net earnings were $144.3 million or $1.81 per basic share and $1.79 per diluted share on revenues from services was $15,475.4 million a year ago. Operating profit was $344.9 million and earnings before income taxes were $317.7 million against operating profit was $306.8 million and earnings before income taxes were $273.6 million a year ago. Cash provided by operating activities was $111.7 million compared to cash used in operating activities was $14.6 million a year ago. Capital expenditures were $33.6 million compared to $48.6 million a year ago. Free cash flow was $78 million, an improvement from the $63 million used in the prior year.
The company anticipating the fourth quarter of 2013 diluted earnings per share to be in the range of $1.18 to $1.26, which includes an estimated unfavorable currency impact of 1 cent. This is before considering anticipated restructuring charges of $12 million to $17 million. The company expects revenue and operating profit to be similar to the third quarter, but earnings per share slightly less than the third quarter as the third quarter included a $0.02 gain of the sale of securities and weighted average shares are expected to be higher at $81.3 million, which will also have a negative $0.02 impact relative to the third quarter. It expects the gross profit margin to range between 16.5% and 16.7%, a slight improvement sequentially, but down slightly on a year-over-year basis and expects the operating profit margin to range between 3.2% and 3.4%. The company is forecasting tax rate to be in the range of 38% to 39%.