MILWAUKEE, WI (WTAQ) - Economic uncertainty in Europe is causing headaches for a company in Wisconsin.
Manpower Incorporated, the worldwide job placement company from Milwaukee, does about two-thirds of its business in Europe – where high public debt levels have industries cutting back on their hiring.
As a result, Manpower’s net income for July-through-September dropped 21% from the previous year. Profits totaled $63-million, down from almost $80-million in the same quarter of last year. Earnings plunged from 97-cents a share to just under 80-cents in the most recent quarter.
Manpower’s total revenues dropped by 10.5%. But most of the decline was due to foreign sales being converted to the weak U-S dollar.
In spite of the lower numbers, Manpower did better than what Wall Street expected. Earnings were still 11-cents higher than what outside analysts had projected.