posted higher first-quarter earnings, matching analysts' projections, but said second-quarter results will fall short of existing forecasts.
In the quarter ended March 31, the company earned $14.9 million, or 19 cents a share, compared with $6.9 million, or 9 cents a share, in the comparable quarter. Analysts were expecting 19 cents a share.
Revenue was $2.7 billion, up 17% from last year. Systemwide sales were $2.9 billion.
Results for the first quarter were aided by relatively stronger foreign currencies compared with the first quarter of 2002, the company said. On a constant currency basis, EPS increased 44% on a 3% improvement in revenue.
Looking ahead, the Milwaukee-based company said that, based on trends and early April's figures, demand for its customers' products and services have stalled, and that it's entering the second quarter with caution. Manpower expects to earn 31 cents to 35 cents a share, which includes an estimated favorable currency impact of 6 cents. Analysts, however, expect 42 cents a share. The company earned 33 cents a share in the second quarter of last year.
Shares of the company were falling 3.16% to $31.58 on the news.