Dow Jones Newswires: Adecco profit falls short of expectations amid challenging market conditions

This post was originally published on this site

Adecco Group AG said Tuesday that net profit and revenue fell for the third quarter as challenging conditions persisted in several markets.

The Swiss staffing company’s ADEN, +0.82%  net profit for the period fell to 179 million euros ($199.6 million) from EUR270 million the year previous, missing analysts’ expectations of EUR201.4 million, according to a consensus estimate provided by FactSet.

Revenue fell 3% on an organic basis to EUR5.9 billion. Adjusted for trading days, revenue fell 4%.

Adecco attributed the decline to continued challenging market conditions in Europe and the U.S., and said the trends seen during the third quarter continued in September and October, with revenue for the two months combined falling 4% both organically and when adjusted for trading days.

“We delivered a solid performance in an uncertain external environment,” said Adecco Chief Executive Alain Dehaze.

The company said it is on track to deliver on a EUR250 million productivity target for 2020.

Separately Tuesday, Adecco said it is selling its U.S. health-care staffing business Soliant Health for a cash consideration of $612 million.