MILWAUKEE, July 21, 2016 /PRNewswire/ -- ManpowerGroup (NYSE: MAN) today reported that net earnings for the three months ended June 30, 2016 were $115.4 million, or $1.60 per diluted share compared to net earnings of $105.7 million, or $1.33 per diluted share in the prior year period. Revenues for the second quarter were $5.0 billion, an increase of 3% from the prior year period.

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Financial results in the quarter were impacted by the stronger U.S. dollar relative to several foreign currencies compared to the prior year period. On a constant currency basis, revenues increased 5% and earnings per share increased 22%. Earnings per share in the quarter were negatively impacted 2 cents by changes in the foreign currencies compared to the prior year.

ManpowerGroup Chairman & CEO Jonas Prising said, "We are pleased with our second quarter results, contributing to a good first half of 2016. We were able to deliver solid results despite a softening and more uncertain global economic growth environment.

"Many organizations are looking for a trusted partner such as ManpowerGroup to help them adjust to the new normal of certain uncertainty. Our global presence and broad range of services and solutions makes us very well positioned to provide workforce solutions to our clients throughout the world.

"We are anticipating the third quarter of 2016 diluted earnings per share to be in the range of $1.66 to $1.74, which includes an estimated unfavorable currency impact of 3 cents," Prising stated.

Net earnings for the six months ended June 30, 2016 were $187.1 million, or $2.57 per diluted share compared to net earnings of $171.4 million, or $2.16 per diluted share in the prior year. Revenues for the six-month period were $9.6 billion, an increase of 2% from the prior year or an increase of 5% in constant currency. Foreign currency exchange rates had an unfavorable impact of 5 cents per share for the six-month period.

In conjunction with its second quarter earnings release, ManpowerGroup will broadcast its conference call live over the Internet on July 21, 2016 at 7:30 a.m. CDT (8:30 a.m. EDT). Interested parties are invited to listen to the webcast and view the presentation by logging on to http://www.manpowergroup.com in the section titled "Investor Relations."

Supplemental financial information referenced in the conference call can be found at http://www.manpowergroup.com.

About ManpowerGroup

ManpowerGroup® (NYSE: MAN) is the world's workforce expert, creating innovative workforce solutions for nearly 70 years. As workforce experts, we connect more than 600,000 people to meaningful work across a wide range of skills and industries every day. Through our ManpowerGroup family of brands - Manpower®, Experis®, Right Management® and ManpowerGroup® Solutions - we help more than 400,000 clients in 80 countries and territories address their critical talent needs, providing comprehensive solutions to resource, manage and develop talent. In 2016, ManpowerGroup was named one of the World's Most Ethical Companies for the sixth consecutive year and one of Fortune's Most Admired Companies, confirming our position as the most trusted and admired brand in the industry. See how ManpowerGroup makes powering the world of work humanly possible: www.manpowergroup.com.

Forward-Looking Statements

This news release contains statements, including earnings projections, that are forward-looking in nature and, accordingly, are subject to risks and uncertainties regarding the Company's expected future results. The Company's actual results may differ materially from those described or contemplated in the forward-looking statements. Factors that may cause the Company's actual results to differ materially from those contained in the forward-looking statements can be found in the Company's reports filed with the SEC, including the information under the heading 'Risk Factors' in its Annual Report on Form 10-K for the year ended December 31, 2015, which information is incorporated herein by reference.



                               ManpowerGroup

                           Results of Operations

                    (In millions, except per share data)


                               Three Months Ended June 30
                               --------------------------

                                                                           % Variance
                                                                           ----------

                                                Amount    Constant

                                      2016           2015   Reported             Currency
                                      ----           ----   --------             --------

                                     (Unaudited)

     Revenues
     from
     services
     (a)                          $5,022.1       $4,861.3             3.3%                 4.5%


     Cost
     of
     services                      4,161.4        4,030.7             3.2%                 4.5%
                                   -------        -------


       Gross
       profit                        860.7          830.6             3.6%                 4.5%


     Selling
     and
     administrative
     expenses                        664.7          651.9             2.0%                 2.9%
                                     -----          -----


       Operating
       profit                        196.0          178.7             9.7%                10.4%


     Interest
     and
     other
     expenses                         10.3            7.2            43.7%
                                      ----            ---


       Earnings
       before
       income
       taxes                         185.7          171.5             8.3%                 9.1%


     Provision
     for
     income
     taxes                            70.3           65.8             6.9%


       Net
       earnings                     $115.4         $105.7             9.1%                10.2%
                                    ======         ======


     Net
     earnings
     per
     share
     -
     basic                           $1.61          $1.35            19.3%
                                     =====          =====


     Net
     earnings
     per
     share
     -
     diluted                         $1.60          $1.33            20.3%                21.8%
                                     =====          =====


     Weighted
     average
     shares
     -
     basic                            71.6           78.3            -8.7%
                                      ====           ====


     Weighted
     average
     shares
     -
     diluted                          72.3           79.3            -8.9%
                                      ====           ====



    (a)               Revenues from services include
                      fees received from our
                      franchise offices of $5.7
                      million and $6.0 million for
                      the three months ended June 30,
                      2016 and 2015, respectively.
                      These fees are primarily based
                      on revenues generated by the
                      franchise offices, which were
                      $261.2 million and $276.3
                      million for the three months
                      ended June 30, 2016 and 2015,
                      respectively.




                                 ManpowerGroup

                            Operating Unit Results

                                 (In millions)


                                Three Months Ended June 30
                                --------------------------

                                                                            % Variance
                                                                            ----------

                                                 Amount    Constant

                                       2016           2015   Reported             Currency
                                       ----           ----   --------             --------

                                      (Unaudited)

    Revenues from Services:

      Americas:

           United
           States

            (a)                      $725.3         $762.6            -4.9%                -4.9%

           Other
           Americas                   355.7          368.1            -3.3%                14.2%

                                    1,081.0        1,130.7            -4.4%                 1.3%
                                    -------        -------

      Southern Europe:

          France                    1,252.2        1,202.6             4.1%                 2.2%

          Italy                       299.8          319.3            -6.1%                -7.8%

           Other
           Southern
           Europe                     379.4          348.1             9.0%                 7.4%

                                    1,931.4        1,870.0             3.3%                 1.4%
                                    -------        -------


       Northern
       Europe                       1,322.3        1,231.8             7.3%                10.0%

      APME                            614.6          556.6            10.4%                 9.6%

       Right
       Management                      72.8           72.2             0.9%                 2.6%

                                   $5,022.1       $4,861.3             3.3%                 4.5%
                                   ========       ========


    Operating Unit Profit:

      Americas:

           United
           States                     $40.0          $41.7            -4.0%                -4.0%

           Other
           Americas                    13.8           14.5            -4.6%                11.8%

                                       53.8           56.2            -4.2%                 0.1%
                                       ----           ----

      Southern Europe:

          France                       67.5           66.9             0.9%                -0.9%

          Italy                        22.8           19.8            15.0%                13.0%

           Other
           Southern
           Europe                      12.0            8.0            49.0%                47.7%

                                      102.3           94.7             8.0%                 6.1%
                                      -----           ----


       Northern
       Europe                          37.8           34.1            10.8%                12.9%

      APME                             22.2           18.5            20.7%                19.0%

       Right
       Management                      14.5           11.7            23.6%                25.9%

                                      230.6          215.2

     Corporate
     expenses                        (25.6)        (28.9)

     Intangible
     asset
     amortization
     expense                          (9.0)         (7.6)

         Operating
         profit                       196.0          178.7             9.7%                10.4%

     Interest
     and
     other
     expenses
     (b)                             (10.3)         (7.2)

         Earnings
         before
         income
         taxes                       $185.7         $171.5
                                     ======         ======



    (a)              In the United States, revenues
                     from services include fees
                     received from our franchise
                     offices of $3.6 million and $3.9
                     million for the three months
                     ended June 30, 2016 and 2015,
                     respectively. These fees are
                     primarily based on revenues
                     generated by the franchise
                     offices, which were $170.9
                     million and $184.6 million for
                     the three months ended June 30,
                     2016 and 2015, respectively.



    (b)  The components of interest and other expenses were:

                                                      2016       2015
                                                      ----       ----

            Interest expense                          $9.2       $8.2

            Interest income                          (0.8)     (0.7)

            Foreign exchange loss                      0.7          -

            Miscellaneous expense (income), net        1.2      (0.3)

                                                     $10.3       $7.2
                                                     =====       ====




                               ManpowerGroup

                           Results of Operations

                    (In millions, except per share data)


                                Six Months Ended June 30
                                ------------------------

                                                                           % Variance
                                                                           ----------

                                                Amount    Constant

                                      2016           2015   Reported             Currency
                                      ----           ----   --------             --------

                                     (Unaudited)

     Revenues
     from
     services
     (a)                          $9,609.8       $9,403.5             2.2%                 4.8%


     Cost
     of
     services                      7,975.3        7,810.9             2.1%                 4.8%
                                   -------        -------


       Gross
       profit                      1,634.5        1,592.6             2.6%                 4.8%


     Selling
     and
     administrative
     expenses                      1,306.8        1,291.1             1.2%                 3.5%
                                   -------        -------


       Operating
       profit                        327.7          301.5             8.7%                10.7%


     Interest
     and
     other
     expenses                         23.0           17.8            29.0%
                                      ----           ----


       Earnings
       before
       income
       taxes                         304.7          283.7             7.4%                 9.4%


     Provision
     for
     income
     taxes                           117.6          112.3             4.8%


       Net
       earnings                     $187.1         $171.4             9.1%                11.4%
                                    ======         ======


     Net
     earnings
     per
     share
     -
     basic                           $2.59          $2.18            18.8%
                                     =====          =====


     Net
     earnings
     per
     share
     -
     diluted                         $2.57          $2.16            19.0%                21.3%
                                     =====          =====


     Weighted
     average
     shares
     -
     basic                            72.2           78.5            -8.1%
                                      ====           ====


     Weighted
     average
     shares
     -
     diluted                          72.9           79.5            -8.3%
                                      ====           ====



              (a)     Revenues from services include
                      fees received from our
                      franchise offices of $10.9
                      million and $11.5 million for
                      the six months ended June 30,
                      2016 and 2015, respectively.
                      These fees are primarily based
                      on revenues generated by the
                      franchise offices, which were
                      $489.0 million and $526.2
                      million for the six months
                      ended June 30, 2016 and 2015,
                      respectively.





                                 ManpowerGroup

                            Operating Unit Results

                                 (In millions)


                                 Six Months Ended June 30
                                 ------------------------

                                                                            % Variance
                                                                            ----------

                                                 Amount    Constant

                                       2016           2015   Reported             Currency
                                       ----           ----   --------             --------

                                      (Unaudited)

    Revenues from Services:

      Americas:

           United
           States

            (a)                    $1,428.4       $1,487.7            -4.0%                -4.0%

           Other
           Americas                   698.5          727.4            -4.0%                16.4%

                                    2,126.9        2,215.1            -4.0%                 2.7%
                                    -------        -------

      Southern Europe:

          France                    2,331.0        2,243.4             3.9%                 3.7%

          Italy                       562.9          589.4            -4.5%                -4.6%

           Other
           Southern
           Europe                     725.2          679.9             6.7%                 6.6%

                                    3,619.1        3,512.7             3.0%                 2.9%
                                    -------        -------


       Northern
       Europe                       2,536.2        2,449.5             3.5%                 7.0%

      APME                          1,190.8        1,089.7             9.3%                10.8%

       Right
       Management                     136.8          136.5             0.2%                 2.5%

                                   $9,609.8       $9,403.5             2.2%                 4.8%
                                   ========       ========


    Operating Unit Profit:

      Americas:

           United
           States                     $62.8          $59.1             6.2%                 6.2%

           Other
           Americas                    25.4           27.3            -6.7%                12.3%

                                       88.2           86.4             2.1%                 8.1%
                                       ----           ----

      Southern Europe:

          France                      114.7          117.2            -2.1%                -2.9%

          Italy                        38.9           33.8            15.2%                14.5%

           Other
           Southern
           Europe                      20.4           16.0            27.0%                26.3%

                                      174.0          167.0             4.2%                 3.4%
                                      -----          -----


       Northern
       Europe                          70.3           64.1             9.6%                12.2%

      APME                             41.5           37.3            11.5%                12.4%

       Right
       Management                      24.0           17.3            38.4%                40.7%

                                      398.0          372.1

     Corporate
     expenses                        (52.3)        (55.6)

     Intangible
     asset
     amortization
     expense                         (18.0)        (15.0)

         Operating
         profit                       327.7          301.5             8.7%                10.7%

     Interest
     and
     other
     expenses
     (b)                             (23.0)        (17.8)

         Earnings
         before
         income
         taxes                       $304.7         $283.7
                                     ======         ======




    (a)               In the United States, revenues
                      from services include fees
                      received from our franchise
                      offices of $7.0 million and $7.3
                      million for the six months ended
                      June 30, 2016 and 2015,
                      respectively.  These fees are
                      primarily based on revenues
                      generated by the franchise
                      offices, which were $331.7
                      million and $353.3 million for
                      the six months ended June 30,
                      2016 and 2015, respectively.


    (b)  The components of interest and
     other expenses were:

                                         2016   2015
                                         ----   ----

            Interest expense            $18.7  $16.2

            Interest income             (1.5) (1.2)

            Foreign exchange losses       1.6    0.7

            Miscellaneous expenses, net   4.2    2.1

                                        $23.0  $17.8
                                        =====  =====



                                                ManpowerGroup

                                         Consolidated Balance Sheets

                                                (In millions)


                                                        Jun. 30          Dec. 31

                                                                    2016              2015
                                                                    ----              ----

                                                      (Unaudited)

    ASSETS

    Current assets:

      Cash and
       cash
       equivalents                                                $546.3            $730.5

      Accounts
       receivable,
       net                                                       4,462.3           4,243.0

      Prepaid
       expenses
       and
       other
       assets                                                      107.9             119.0

          Total
           current
           assets                                                5,116.5           5,092.5


    Other assets:

      Goodwill                                                   1,272.3           1,257.4

       Intangible
       assets,
       net                                                         315.3             326.5

      Other
       assets                                                      648.5             694.0

          Total
           other
           assets                                                2,236.1           2,277.9


    Property and equipment:

      Land,
       buildings,
       leasehold
       improvements
       and
       equipment                                                   606.3             585.4

      Less:
       accumulated
       depreciation
       and
       amortization                                                452.9             438.3

          Net
           property
           and
           equipment                                               153.4             147.1

                 Total
                  assets                                        $7,506.0          $7,517.5
                                                                ========          ========


    LIABILITIES AND SHAREHOLDERS'
     EQUITY

    Current liabilities:

      Accounts
       payable                                                  $1,916.3          $1,659.2

      Employee
       compensation
       payable                                                     176.9             211.4

      Accrued
       liabilities                                                 419.0             483.7

      Accrued
       payroll
       taxes
       and
       insurance                                                   592.3             613.8

      Value
       added
       taxes
       payable                                                     446.7             438.7

      Short-
       term
       borrowings
       and
       current
       maturities
       of
       long-
       term
       debt                                                         24.2              44.2

          Total
           current
           liabilities                                           3,575.4           3,451.0


    Other liabilities:

      Long-
       term
       debt                                                        829.8             810.9

      Other
       long-
       term
       liabilities                                                 586.0             563.1

          Total
           other
           liabilities                                           1,415.8           1,374.0


    Shareholders' equity:

      ManpowerGroup shareholders' equity

        Common
         stock                                                       1.2               1.2

        Capital
         in
         excess
         of par
         value                                                   3,204.4           3,186.7

        Retained
         earnings                                                2,092.3           1,966.0

         Accumulated
         other
         comprehensive
         loss                                                    (317.3)          (286.0)

        Treasury
         stock,
         at cost                                               (2,537.0)        (2,243.2)

           Total
            ManpowerGroup
            shareholders'
            equity                                               2,443.6           2,624.7
                                                                 -------           -------

       Noncontrolling
       interests                                                    71.2              67.8

              Total
               shareholders'
               equity                                            2,514.8           2,692.5

                 Total
                  liabilities
                  and
                  shareholders'
                  equity                                        $7,506.0          $7,517.5
                                                                ========          ========



                              ManpowerGroup

                  Consolidated Statements of Cash Flows

                              (In millions)


                                                        Six Months Ended

                                                             June 30
                                                           -------

                                                           2016              2015
                                                           ----              ----

                                                         (Unaudited)

    Cash Flows from Operating Activities:

      Net earnings                                       $187.1            $171.4

      Adjustments to reconcile net earnings to net

        cash provided by operating activities:

          Depreciation and
           amortization                                    42.6              37.6

          Deferred income taxes                            29.8              45.5

          Provision for doubtful
           accounts                                         9.2               9.0

          Share-based
           compensation                                    14.9              14.8

          Excess tax benefit on
           exercise of share-
           based awards                                   (0.1)            (0.8)

      Changes in operating assets and liabilities,
       excluding

        the impact of acquisitions:

          Accounts receivable                           (182.8)          (280.1)

          Other assets                                     62.9            (94.0)

          Other liabilities                                98.5             135.4

                Cash provided by
                 operating activities                     262.1              38.8
                                                          -----              ----


    Cash Flows from Investing Activities:

      Capital expenditures                               (30.8)           (20.1)

      Acquisitions of
       businesses, net of
       cash acquired                                     (41.2)           (30.4)

      Proceeds from sales of
       investments, property
       and equipment                                        2.4               3.5

                Cash used in investing
                 activities                              (69.6)           (47.0)
                                                          -----             -----


    Cash Flows from Financing Activities:

      Net change in short-
       term borrowings                                   (15.0)            (1.8)

      Proceeds from long-
       term debt                                              -              0.1

      Repayments of long-
       term debt                                          (6.0)            (1.5)

      Payments of contingent
       consideration for
       acquisitions                                       (2.9)                -

      Proceeds from share-
       based awards and other
       equity transactions                                  1.9              29.1

      Other share-based
       award transactions                                 (3.2)            (6.3)

      Repurchases of common
       stock                                            (290.5)          (168.7)

      Dividends paid                                     (60.8)           (62.1)

                Cash used in financing
                 activities                             (376.5)          (211.2)
                                                         ------            ------


    Effect of exchange rate
     changes on cash                                      (0.2)           (13.9)

    Change in cash and cash
     equivalents                                        (184.2)          (233.3)


    Cash and cash
     equivalents, beginning
     of period                                            730.5             699.2

    Cash and cash
     equivalents, end of
     period                                              $546.3            $465.9
                                                         ======            ======

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SOURCE ManpowerGroup