Manpower 3Q Loss Widens As Labor Markets Stay Weak

MILWAUKEE (AP) — Manpower Inc. on Wednesday reported a wider third-quarter loss as labor markets continued to shrink. The Milwaukee-based staffing company also predicted fourth-quarter earnings below analyst estimates.

The announcements sent shares of Manpower tumbling $5.99, or 9.9 percent, to $54.76 in morning trading.

Manpower posted a quarterly loss of $50.4 million, or 64 cents per share, compared with a loss of $43.2 million, or 55 cents per share, in the third quarter of 2008.

The latest quarter's results were reduced by 84 cents per share by a loss on the sale of an equity investment and a goodwill impairment charge. The results also included a charge of 6 cents per share, related to repaying a loan and extinguishing an interest rate swap agreement in October.

Excluding the charges, third-quarter earnings would have been 26 cents per share, Manpower said.

Analysts surveyed by Thomson Reuters expected, on average, earnings of 17 cents per share. Analyst estimates typically exclude one-time items.