Manpower Inc. Reports Operating Results (10-Q)
Manpower Inc. has a market cap of $4.49 billion; its shares were traded at around $57.13 with a P/E ratio of 50.6 and P/S ratio of 0.3. The dividend yield of Manpower Inc. stocks is 1.2%. Manpower Inc. had an annual average earning growth of 3% over the past 10 years.MAN is in the portfolios of First Pacific Advisors of First Pacific Advisors, LLC, HOTCHKIS & WILEY of HOTCHKIS & WILEY Capital Management LLC, Tom Gayner of Markel Gayner Asset Management Corp, Chuck Royce of Royce& Associates, Paul Tudor Jones of The Tudor Group, Ruane Cunniff of Ruane & Cunniff & Goldfarb Inc, Steven Cohen of SAC Capital Advisors, Jeremy Grantham of GMO LLC.
Highlight of Business Operations:Interest and Other Expense was $12.9 million for the first quarter of 2010 compared to $11.9 million in 2009. Net Interest Expense increased $0.8 million in the first quarter to $9.4 million due to lower interest rates on money market investments and our Euro denominated interest expense being translated into U.S. dollars at higher rate in 2010 than 2009. Translation losses in the first quarter of 2010 were $1.6 million compared to $0.5 million in the first quarter of 2009. This increase was primarily related to a translation loss of $1.2 million for Venezuela, as a result of the Venezuela reporting unit s currency (Bolivar Fuerte) being devalued in January 2010 as well as changing the functional currency of our Venezuela reporting unit to the U.S. Dollar as the result of its current economy being deemed hyperinflationary, effective January 1, 2010.
Net Earnings Per Share – Diluted increased to $0.04 in the first quarter of 2010 compared to a Net Loss Per Share – Diluted of $(0.02) in the first quarter of 2009. Exchange rates had a positive impact of $0.03 on Net Earnings Per Share – Diluted. Weighted Average Shares – Diluted were 79.9 million for the first quarter of 2010 as compared to 78.1 million in the first quarter of 2009, an increase of 2.2% as a result of including dilutive shares in the calculation in 2010 compared to 2009 where we incurred a net loss and excluded the impact of such shares.
Selling and Administrative Expenses increased during the first quarter of 2010 compared to 2009 due primarily to $3.3 million (€2.4 million) of costs in 2010 related to the relocation of our headquarters and the reversal of a $3.9 million (€3.0 million) legal reserve related to the French competition investigation in 2009. The remaining expenses were essentially flat with the 2009 level. Selling and Administrative Expenses as a percent of revenues decreased in the first quarter of 2010 compared to 2009, as our revenues increased more rapidly than our Selling and Administrative Expenses.
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