Manpower released the earnings results from its first fiscal quarter before opening bell this morning, posting earnings of 83 cents per share on $4.5 billion in revenue, a decline of 7% year over year. Analysts had been expecting earnings of 79 cents per share on $4.8 billion in revenue. In the same quarter a year ago, the temporary agency posted earnings of 86 cents per share.

ManpowerGroup Inc. Beats Earnings Estimates, Misses Revenue

Manpower hit by currencies

In this morning’s report, Manpower said its first quarter earnings were “significantly impacted” by the strengthening of the U.S. dollar. The company said revenues rose 7% and earnings per share rose 16% on a constant currency basis. Manpower reported a negative impact of 17 cents per share

Management expects earnings per share for the second quarter to be between $1.21 and $1.29 per share. That includes a 29-cent per share negative impact from foreign currency exchange versus the U.S. dollar.

Manpower CEO Jonas Prising said in a statement that this year is off to a strong start.

“It is encouraging to see the early signs of more broad based improvement in Europe, setting the stage for what we believe could be a slow but sustained labor market recovery in that region,” Prising said. “The strong start to the year gives us confidence that we are on the right track and that our focus on permanent recruitment and our market leading solutions offerings continues to pay off.  We are well placed to seize further opportunities as economic trends improve.”