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ManpowerGroup's CEO Discusses Q2 2012 Results - Earnings Conference Call

Jeff Joerres

Thanks, Mike. The second quarter, given the economic volume, was a hard-fought quarter that yielded profits within our guidance. We did see declining trends throughout the quarter but for the most part, excluding the non-recurring items and the change in currency, which only affects us really on a translation basis, our operations came in where we anticipated.

We were anticipating constant currency revenue of flat to minus two. We came in down 1% for the second quarter. The revenue performances across the board were pretty much in line with what we had anticipated from a segment perspective with no segment being down more than 2.7% (inaudible).

Americas, slightly up at 1.4% as well as Asia up by 1.8%. And Right Management finished the second quarter up by 2.9%. We expected to have an earnings per share between $0.68 and $0.76 and, in fact, we earned $0.76 excluding the effect of the non-recurring items.

As we talked about in our conference calls, we see this current downturn as quite different than what we experienced in 2008. There really is no major fall off but rather a slow, decline of business that is holding true across all geographies at this time.

In total, our operating profit increased 11% in constant currency and our earnings per share dropped 5% in constant, (including) the non-recurring items.

While we were able to do a fair amount of work on our gross profit margin, we – there still is a lot more to do. In fact, we saw some drop in our permanent recruitment, which is what we've been seeing across the board for a little bit of time right now and we are still seeing some challenges in the staffing part of our business.

That is an overview. I'd like to turn it over to Mike to discuss the details.

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