MILWAUKEE, Feb. 2, 2018 /PRNewswire/ — ManpowerGroup (NYSE: MAN) today reported net earnings of $3.22 per diluted share for the three months ended December 31, 2017 compared to $1.87 per diluted share in the prior year period. The net earnings in the quarter were $216.3 million compared to $127.4 million a year earlier. Revenues for the fourth quarter totaled $5.6 billion, an increase of 14% from the year earlier period.
Financial results in the quarter were significantly impacted by discrete net tax benefits primarily related to U.S. tax reform through the enactment of the Tax Cuts and Jobs Act in the fourth quarter. Discrete net tax benefits positively impacted earnings per share by $1.10 in the fourth quarter.
Financial results in the quarter were also significantly impacted by stronger foreign currencies relative to the U.S. dollar compared to the prior year period. On a constant currency basis, revenues increased 7% and net earnings per diluted share increased 67%. Excluding the discrete net tax benefits, on a constant currency basis, net earnings per diluted share increased 8%. Earnings per share in the quarter were positively impacted 10 cents by changes in foreign currencies compared to the prior year.
Jonas Prising, ManpowerGroup Chairman & CEO, said: “We are very pleased with our strong performance in the fourth quarter, with improved revenue growth and good profitability. These strong quarterly results capped off the full year 2017 where we delivered strong top line growth and profit performance.
“The war for talent is intensifying globally, and our clients are focused on finding the best talent and building their organizational agility, while individuals are interested in opportunities that build their skills and advance their careers. We have anticipated these market trends, and as we start 2018, we are confident that our superior global footprint, our extensive portfolio of workforce solutions and our great people put us in a formidable position to continue to create value for our clients and candidates.
“We are anticipating diluted earnings per share in the first quarter of 2018 to be in the range of $1.60 to $1.68, which includes a positive impact of tax reform of 20 cents and a positive impact from foreign currency of 15 cents,” Prising stated.
Net earnings for the year ended December 31, 2017 were $545.4 million, or $8.04 per diluted share compared to net earnings of $443.7 million, or $6.27 per diluted share in the prior year. The full year period included