Adecco SA (ADEN:Virt-x)

Adecco SA reported earnings results for the third quarter and nine months ended September 2009. For the quarter, EBITA declined by 47% to EUR 135 million, resulting in an EBITA margin of 3.6%, compared to 5.0% in the prior year. The adjusted EBITA was EUR 125 million in the quarter under review, a decline of 52% in constant currency. The adjusted EBITA margin was 3.4% in third quarter of 2009, up 100 bps sequentially. The company reported operating income of EUR 127 million, which compares to EUR 244 million in third quarter of 2008. The operating cash flow generated in the first nine months of 2009 amounted to EUR 349 million compared to EUR 669 million in the same period last year. The company invested EUR 64 million in capital expenditure for the Spring Group acquisition in an escrow account. Net debt at the end of September 2009 was EUR 702 million compared to EUR 617 million at year end 2008.

Adecco SA reported earnings results for the third quarter ended September 2009. For the quarter, the company reported better-than-expected 46% drop in profit. Net profit fell to EUR 90 million from EUR 168 million a year ago. The company benefitted from cost-cutting and an unexpected improvement in market conditions in the U.S. and France. Sales still fell 27% to USD 3.72 billion from EUR 5.10 billion during the third quarter, the decline was less steep than in previous quarters, when revenues dropped more than 30% as weak job markets in the U.S. and France hit Adecco's top line.

Adecco SA announced that they will report Q1, 2010 results on May 06, 2010.