• | Q2 revenue up 4.0%; up 3.0% in constant currency |
• | Q2 operating earnings on par with last year |
• | Q2 earnings/(loss) per share of ($0.40), or $0.54 on an adjusted basis, compared to $0.47 |
U.S. | 1 800 288-9626 |
International | 1 651 291-5254 |
KELLY SERVICES, INC. AND SUBSIDIARIES | ||||||||||||||||
CONSOLIDATED STATEMENTS OF EARNINGS | ||||||||||||||||
FOR THE 13 WEEKS ENDED JULY 1, 2018 AND JULY 2, 2017 | ||||||||||||||||
(UNAUDITED) | ||||||||||||||||
(In millions of dollars except per share data) | ||||||||||||||||
% | CC % | |||||||||||||||
2018 | 2017 | Change | Change | Change | ||||||||||||
Revenue from services | $ | 1,386.9 | $ | 1,333.6 | $ | 53.3 | 4.0 | % | 3.0 | % | ||||||
Cost of services | 1,146.4 | 1,104.8 | 41.6 | 3.8 | ||||||||||||
Gross profit | 240.5 | 228.8 | 11.7 | 5.1 | 4.2 | |||||||||||
Selling, general and administrative expenses | 220.1 | 208.5 | 11.6 | 5.6 | 4.9 | |||||||||||
Earnings from operations | 20.4 | 20.3 | 0.1 | 0.1 | ||||||||||||
Loss on investment in Persol Holdings | (52.5 | ) | — | (52.5 | ) | (100.0 | ) | |||||||||
Other income (expense), net | 0.6 | (0.5 | ) | 1.1 | 209.5 | |||||||||||
Earnings (loss) before taxes and equity in net earnings (loss) of affiliate | (31.5 | ) | 19.8 | (51.3 | ) | NM | ||||||||||
Income tax (benefit) expense | (15.6 | ) | 1.5 | (17.1 | ) | NM | ||||||||||
Net earnings (loss) before equity in net earnings (loss) of affiliate | (15.9 | ) | 18.3 | (34.2 | ) | NM | ||||||||||
Equity in net earnings (loss) of affiliate | 0.5 | 0.4 | 0.1 | 35.9 | ||||||||||||
Net earnings (loss) | $ | (15.4 | ) | $ | 18.7 | $ | (34.1 | ) | NM | % | ||||||
Basic earnings (loss) per share | $ | (0.40 | ) | $ | 0.48 | $ | (0.88 | ) | NM | % | ||||||
Diluted earnings (loss) per share | $ | (0.40 | ) | $ | 0.47 | $ | (0.87 | ) | NM | % | ||||||
STATISTICS: | ||||||||||||||||
Permanent placement income (included in revenue from services) | $ | 17.3 | $ | 13.7 | $ | 3.6 | 25.7 | % | 24.1 | % | ||||||
Gross profit rate | 17.3 | % | 17.2 | % | 0.1 | pts. | ||||||||||
Conversion rate | 8.5 | 8.9 | (0.4 | ) | ||||||||||||
% Return: | ||||||||||||||||
Earnings from operations | 1.5 | 1.5 | — | |||||||||||||
Net earnings (loss) | (1.1 | ) | 1.4 | (2.5 | ) | |||||||||||
Effective income tax rate | 49.6 | % | 7.6 | % | 42.0 | pts. | ||||||||||
Average number of shares outstanding (millions): | ||||||||||||||||
Basic | 38.8 | 38.3 | ||||||||||||||
Diluted | 38.8 | 38.8 |
KELLY SERVICES, INC. AND SUBSIDIARIES | ||||||||||||||||
CONSOLIDATED STATEMENTS OF EARNINGS | ||||||||||||||||
FOR THE 26 WEEKS ENDED JULY 1, 2018 AND JULY 2, 2017 | ||||||||||||||||
(UNAUDITED) | ||||||||||||||||
(In millions of dollars except per share data) | ||||||||||||||||
% | CC % | |||||||||||||||
2018 | 2017 | Change | Change | Change | ||||||||||||
Revenue from services | $ | 2,756.8 | $ | 2,623.3 | $ | 133.5 | 5.1 | % | 3.2 | % | ||||||
Cost of services | 2,278.1 | 2,162.9 | 115.2 | 5.3 | ||||||||||||
Gross profit | 478.7 | 460.4 | 18.3 | 4.0 | 2.3 | |||||||||||
Selling, general and administrative expenses | 446.3 | 423.7 | 22.6 | 5.3 | 3.9 | |||||||||||
Earnings from operations | 32.4 | 36.7 | (4.3 | ) | (11.7 | ) | ||||||||||
Loss on investment in Persol Holdings | (28.8 | ) | — | (28.8 | ) | (100.0 | ) | |||||||||
Other expense, net | (1.1 | ) | (2.1 | ) | 1.0 | 49.2 | ||||||||||
Earnings before taxes and equity in net earnings (loss) of affiliate | 2.5 | 34.6 | (32.1 | ) | (92.7 | ) | ||||||||||
Income tax (benefit) expense | (9.2 | ) | 4.2 | (13.4 | ) | (319.2 | ) | |||||||||
Net earnings before equity in net earnings (loss) of affiliate | 11.7 | 30.4 | (18.7 | ) | (61.3 | ) | ||||||||||
Equity in net earnings (loss) of affiliate | 2.0 | 0.5 | 1.5 | 288.4 | ||||||||||||
Net earnings | $ | 13.7 | $ | 30.9 | $ | (17.2 | ) | (55.6 | ) | % | ||||||
Basic earnings per share | $ | 0.35 | $ | 0.79 | $ | (0.44 | ) | (55.7 | ) | % | ||||||
Diluted earnings per share | $ | 0.35 | $ | 0.78 | $ | (0.43 | ) | (55.1 | ) | % | ||||||
STATISTICS: | ||||||||||||||||
Permanent placement income (included in revenue from services) | $ | 33.9 | $ | 27.2 | $ | 6.7 | 24.4 | % | 20.6 | % | ||||||
Gross profit rate | 17.4 | % | 17.6 | % | (0.2 | ) | pts. | |||||||||
Conversion rate | 6.8 | 8.0 | (1.2 | ) | ||||||||||||
% Return: | ||||||||||||||||
Earnings from operations | 1.2 | 1.4 | (0.2 | ) | ||||||||||||
Net earnings | 0.5 | 1.2 | (0.7 | ) | ||||||||||||
Effective income tax rate | (366.2 | ) | % | 12.2 | % | (378.4 | ) | pts. | ||||||||
Average number of shares outstanding (millions): | ||||||||||||||||
Basic | 38.7 | 38.3 | ||||||||||||||
Diluted | 38.8 | 38.7 |
KELLY SERVICES, INC. AND SUBSIDIARIES | ||||||||||||||
RESULTS OF OPERATIONS BY SEGMENT | ||||||||||||||
(UNAUDITED) | ||||||||||||||
(In millions of dollars) | ||||||||||||||
Second Quarter | ||||||||||||||
% | CC % | |||||||||||||
2018 | 2017 | Change | Change | |||||||||||
AMERICAS STAFFING | ||||||||||||||
Revenue from services | $ | 604.0 | $ | 575.6 | 4.9 | % | 5.2 | % | ||||||
Gross profit | 108.5 | 103.8 | 4.5 | 4.7 | ||||||||||
Total SG&A expenses | 90.7 | 83.4 | 8.7 | 8.9 | ||||||||||
Earnings from operations | 17.8 | 20.4 | (12.8 | ) | ||||||||||
Gross profit rate | 18.0 | % | 18.0 | % | — | pts. | ||||||||
Conversion rate | 16.4 | 19.7 | (3.3 | ) | ||||||||||
Return on sales | 2.9 | 3.5 | (0.6 | ) | ||||||||||
GLOBAL TALENT SOLUTIONS | ||||||||||||||
Revenue from services | $ | 500.7 | $ | 505.5 | (0.9 | ) | % | (1.2 | ) | % | ||||
Gross profit | 92.7 | 88.7 | 4.5 | 4.0 | ||||||||||
Total SG&A expenses | 75.0 | 73.4 | 2.2 | 1.8 | ||||||||||
Earnings from operations | 17.7 | 15.3 | 15.9 | |||||||||||
Gross profit rate | 18.5 | % | 17.5 | % | 1.0 | pts. | ||||||||
Conversion rate | 19.1 | 17.2 | 1.9 | |||||||||||
Return on sales | 3.5 | 3.0 | 0.5 | |||||||||||
INTERNATIONAL STAFFING | ||||||||||||||
Revenue from services | $ | 286.6 | $ | 256.8 | 11.6 | % | 6.6 | % | ||||||
Gross profit | 39.9 | 36.8 | 8.3 | 3.5 | ||||||||||
Total SG&A expenses | 33.5 | 32.7 | 2.4 | (1.3 | ) | |||||||||
Earnings from operations | 6.4 | 4.1 | 54.2 | |||||||||||
Gross profit rate | 13.9 | % | 14.3 | % | (0.4 | ) | pts. | |||||||
Conversion rate | 16.0 | 11.2 | 4.8 | |||||||||||
Return on sales | 2.2 | 1.6 | 0.6 |
KELLY SERVICES, INC. AND SUBSIDIARIES | ||||||||||||||
RESULTS OF OPERATIONS BY SEGMENT | ||||||||||||||
(UNAUDITED) | ||||||||||||||
(In millions of dollars) | ||||||||||||||
June Year to Date | ||||||||||||||
% | CC % | |||||||||||||
2018 | 2017 | Change | Change | |||||||||||
AMERICAS STAFFING | ||||||||||||||
Revenue from services | $ | 1,208.3 | $ | 1,148.7 | 5.2 | % | 5.1 | % | ||||||
Gross profit | 216.5 | 209.1 | 3.6 | 3.5 | ||||||||||
SG&A expenses excluding restructuring charges | 182.6 | 167.1 | 9.3 | 9.2 | ||||||||||
Restructuring charges | — | 0.4 | (100.0 | ) | (100.0 | ) | ||||||||
Total SG&A expenses | 182.6 | 167.5 | 9.1 | 9.0 | ||||||||||
Earnings from operations | 33.9 | 41.6 | (18.6 | ) | ||||||||||
Earnings from operations excluding restructuring charges | 33.9 | 42.0 | (19.3 | ) | ||||||||||
Gross profit rate | 17.9 | % | 18.2 | % | (0.3 | ) | pts. | |||||||
Conversion rate | 15.6 | 19.9 | (4.3 | ) | ||||||||||
Conversion rate excluding restructuring charges | 15.6 | 20.1 | (4.5 | ) | ||||||||||
Return on sales | 2.8 | 3.6 | (0.8 | ) | ||||||||||
Return on sales excluding restructuring charges | 2.8 | 3.7 | (0.9 | ) | ||||||||||
GLOBAL TALENT SOLUTIONS | ||||||||||||||
Revenue from services | $ | 986.5 | $ | 992.8 | (0.6 | ) | % | (1.0 | ) | % | ||||
Gross profit | 184.5 | 179.2 | 3.0 | 2.2 | ||||||||||
SG&A expenses excluding restructuring charges | 150.8 | 146.6 | 2.9 | 2.0 | ||||||||||
Restructuring charges | — | 2.0 | (100.0 | ) | (100.0 | ) | ||||||||
Total SG&A expenses | 150.8 | 148.6 | 1.5 | 0.6 | ||||||||||
Earnings from operations | 33.7 | 30.6 | 10.4 | |||||||||||
Earnings from operations excluding restructuring charges | 33.7 | 32.6 | 3.7 | |||||||||||
Gross profit rate | 18.7 | % | 18.0 | % | 0.7 | pts. | ||||||||
Conversion rate | 18.3 | 17.1 | 1.2 | |||||||||||
Conversion rate excluding restructuring charges | 18.3 | 18.2 | 0.1 | |||||||||||
Return on sales | 3.4 | 3.1 | 0.3 | |||||||||||
Return on sales excluding restructuring charges | 3.4 | 3.3 | 0.1 | |||||||||||
INTERNATIONAL STAFFING | ||||||||||||||
Revenue from services | $ | 571.3 | $ | 490.4 | 16.5 | % | 7.7 | % | ||||||
Gross profit | 79.0 | 73.2 | 7.8 | (0.3 | ) | |||||||||
Total SG&A expenses | 67.6 | 63.9 | 5.8 | (1.4 | ) | |||||||||
Earnings from operations | 11.4 | 9.3 | 21.2 | |||||||||||
Gross profit rate | 13.8 | % | 14.9 | % | (1.1 | ) | pts. | |||||||
Conversion rate | 14.4 | 12.8 | 1.6 | |||||||||||
Return on sales | 2.0 | 1.9 | 0.1 |
KELLY SERVICES, INC. AND SUBSIDIARIES | ||||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||||
(UNAUDITED) | ||||||||||
(In millions of dollars) | ||||||||||
July 1, 2018 | Dec. 31, 2017 | July 2, 2017 | ||||||||
Current Assets | ||||||||||
Cash and equivalents | $ | 33.9 | $ | 32.5 | $ | 60.8 | ||||
Trade accounts receivable, less allowances of | ||||||||||
$13.1, $12.9, and $12.7 respectively | 1,248.9 | 1,286.7 | 1,188.1 | |||||||
Prepaid expenses and other current assets | 64.5 | 65.1 | 61.8 | |||||||
Total current assets | 1,347.3 | 1,384.3 | 1,310.7 | |||||||
Noncurrent Assets | ||||||||||
Property and equipment, net | 84.7 | 86.1 | 81.5 | |||||||
Deferred taxes | 191.7 | 183.4 | 185.8 | |||||||
Goodwill | 107.3 | 107.1 | 88.4 | |||||||
Investment in Persol Holdings | 203.2 | 228.1 | 170.7 | |||||||
Investment in equity affiliate | 122.0 | 117.4 | 115.2 | |||||||
Other assets | 278.4 | 271.8 | 231.8 | |||||||
Total noncurrent assets | 987.3 | 993.9 | 873.4 | |||||||
Total Assets | $ | 2,334.6 | $ | 2,378.2 | $ | 2,184.1 | ||||
Current Liabilities | ||||||||||
Short-term borrowings | $ | 1.7 | $ | 10.2 | $ | 0.7 | ||||
Accounts payable and accrued liabilities | 505.5 | 537.7 | 476.1 | |||||||
Accrued payroll and related taxes | 284.7 | 287.4 | 286.4 | |||||||
Accrued insurance | 25.3 | 25.7 | 22.8 | |||||||
Income and other taxes | 60.7 | 65.2 | 57.0 | |||||||
Total current liabilities | 877.9 | 926.2 | 843.0 | |||||||
Noncurrent Liabilities | ||||||||||
Accrued insurance | 49.2 | 49.9 | 44.2 | |||||||
Accrued retirement benefits | 182.2 | 178.1 | 170.1 | |||||||
Other long-term liabilities | 64.4 | 72.5 | 53.4 | |||||||
Total noncurrent liabilities | 295.8 | 300.5 | 267.7 | |||||||
Stockholders' Equity | ||||||||||
Common stock | 40.1 | 40.1 | 40.1 | |||||||
Treasury stock | (27.4 | ) | (35.2 | ) | (37.6 | ) | ||||
Paid-in capital | 23.4 | 32.2 | 31.1 | |||||||
Earnings invested in the business | 1,134.8 | 983.6 | 948.7 | |||||||
Accumulated other comprehensive income | (10.0 | ) | 130.8 | 91.1 | ||||||
Total stockholders' equity | 1,160.9 | 1,151.5 | 1,073.4 | |||||||
Total Liabilities and Stockholders' Equity | $ | 2,334.6 | $ | 2,378.2 | $ | 2,184.1 | ||||
STATISTICS: | ||||||||||
Working Capital | $ | 469.4 | $ | 458.1 | $ | 467.7 | ||||
Current Ratio | 1.5 | 1.5 | 1.6 | |||||||
Debt-to-capital % | 0.1 | % | 0.9 | % | 0.1 | % | ||||
Global Days Sales Outstanding | 55 | 55 | 55 | |||||||
Year-to-Date Free Cash Flow | $ | 22.9 | $ | 46.2 | $ | 37.1 |
KELLY SERVICES, INC. AND SUBSIDIARIES | ||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||
FOR THE 26 WEEKS ENDED JULY 1, 2018 AND JULY 2, 2017 | ||||||
(UNAUDITED) | ||||||
(In millions of dollars) | ||||||
2018 | 2017 | |||||
Cash flows from operating activities: | ||||||
Net earnings | $ | 13.7 | $ | 30.9 | ||
Noncash adjustments: | ||||||
Depreciation and amortization | 12.9 | 10.6 | ||||
Provision for bad debts | 1.5 | 2.9 | ||||
Stock-based compensation | 4.7 | 4.2 | ||||
Loss on investment in Persol Holdings | 28.8 | — | ||||
Other, net | (2.6 | ) | (0.5 | ) | ||
Changes in operating assets and liabilities | (25.8 | ) | (3.7 | ) | ||
Net cash from operating activities | 33.2 | 44.4 | ||||
Cash flows from investing activities: | ||||||
Capital expenditures | (10.3 | ) | (7.3 | ) | ||
Other investing activities | (0.6 | ) | — | |||
Net cash used in investing activities | (10.9 | ) | (7.3 | ) | ||
Cash flows from financing activities: | ||||||
Net change in short-term borrowings | (8.4 | ) | 0.7 | |||
Dividend payments | (5.9 | ) | (5.8 | ) | ||
Payments of tax withholding for stock awards | (6.2 | ) | (0.5 | ) | ||
Other financing activities | — | (0.1 | ) | |||
Net cash used in financing activities | (20.5 | ) | (5.7 | ) | ||
Effect of exchange rates on cash, cash equivalents and restricted cash | (0.1 | ) | (0.2 | ) | ||
Net change in cash, cash equivalents and restricted cash | 1.7 | 31.2 | ||||
Cash, cash equivalents and restricted cash at beginning of period | 36.9 | 34.3 | ||||
Cash, cash equivalents and restricted cash at end of period | $ | 38.6 | $ | 65.5 |
KELLY SERVICES, INC. AND SUBSIDIARIES | |||||||||||||
REVENUE FROM SERVICES | |||||||||||||
(UNAUDITED) | |||||||||||||
(In millions of dollars) | |||||||||||||
Second Quarter (Americas, International and GTS) | |||||||||||||
% | CC % | ||||||||||||
2018 | 2017 | Change | Change | ||||||||||
Americas | |||||||||||||
United States | $ | 981.2 | $ | 970.1 | 1.1 | % | 1.1 | % | |||||
Canada | 37.0 | 34.6 | 6.8 | 2.6 | |||||||||
Mexico | 30.0 | 28.3 | 6.2 | 11.4 | |||||||||
Puerto Rico | 26.2 | 17.6 | 49.0 | 49.0 | |||||||||
Brazil | 9.0 | 12.7 | (29.1 | ) | (22.6 | ) | |||||||
Total Americas | 1,083.4 | 1,063.3 | 1.9 | 2.0 | |||||||||
EMEA | |||||||||||||
France | 72.0 | 68.3 | 5.2 | (2.6 | ) | ||||||||
Switzerland | 52.8 | 53.9 | (2.0 | ) | (1.7 | ) | |||||||
Portugal | 51.2 | 41.7 | 23.1 | 13.6 | |||||||||
United Kingdom | 28.5 | 20.8 | 37.0 | 28.9 | |||||||||
Russia | 25.6 | 24.0 | 6.5 | 15.4 | |||||||||
Italy | 19.3 | 15.7 | 23.0 | 14.4 | |||||||||
Germany | 14.8 | 14.6 | 0.5 | (7.2 | ) | ||||||||
Ireland | 11.7 | 7.4 | 58.4 | 46.4 | |||||||||
Norway | 9.2 | 8.4 | 10.4 | 4.3 | |||||||||
Other | 12.8 | 11.0 | 16.0 | 8.1 | |||||||||
Total EMEA | 297.9 | 265.8 | 12.0 | 7.0 | |||||||||
Total APAC | 5.6 | 4.5 | 24.2 | 23.0 | |||||||||
Total Kelly Services, Inc. | $ | 1,386.9 | $ | 1,333.6 | 4.0 | % | 3.0 | % | |||||
KELLY SERVICES, INC. AND SUBSIDIARIES | |||||||||||||
REVENUE FROM SERVICES | |||||||||||||
(UNAUDITED) | |||||||||||||
(In millions of dollars) | |||||||||||||
June Year to Date (Americas, International and GTS) | |||||||||||||
% | CC % | ||||||||||||
2018 | 2017 | Change | Change | ||||||||||
Americas | |||||||||||||
United States | $ | 1,955.9 | $ | 1,925.7 | 1.6 | % | 1.6 | % | |||||
Canada | 70.6 | 68.7 | 2.7 | (1.6 | ) | ||||||||
Mexico | 60.4 | 52.1 | 16.0 | 14.5 | |||||||||
Puerto Rico | 46.0 | 35.3 | 30.6 | 30.6 | |||||||||
Brazil | 18.5 | 26.0 | (29.1 | ) | (25.4 | ) | |||||||
Total Americas | 2,151.4 | 2,107.8 | 2.1 | 1.9 | |||||||||
EMEA | |||||||||||||
France | 143.9 | 129.1 | 11.4 | (0.1 | ) | ||||||||
Switzerland | 102.5 | 102.2 | 0.3 | (2.3 | ) | ||||||||
Portugal | 102.3 | 78.0 | 31.3 | 17.5 | |||||||||
United Kingdom | 57.5 | 41.0 | 40.3 | 28.5 | |||||||||
Russia | 51.7 | 46.8 | 10.5 | 13.5 | |||||||||
Italy | 39.8 | 29.4 | 35.5 | 21.6 | |||||||||
Germany | 31.2 | 27.8 | 12.0 | 0.1 | |||||||||
Ireland | 23.0 | 15.1 | 51.8 | 36.0 | |||||||||
Norway | 17.6 | 16.0 | 10.0 | 3.1 | |||||||||
Other | 25.2 | 21.4 | 17.7 | 5.9 | |||||||||
Total EMEA | 594.7 | 506.8 | 17.3 | 8.4 | |||||||||
Total APAC | 10.7 | 8.7 | 22.1 | 19.0 | |||||||||
Total Kelly Services, Inc. | $ | 2,756.8 | $ | 2,623.3 | 5.1 | % | 3.2 | % | |||||
KELLY SERVICES, INC. AND SUBSIDIARIES | ||||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES | ||||||||||||||||
(UNAUDITED) | ||||||||||||||||
(In millions of dollars except per share data) | ||||||||||||||||
Second Quarter | June Year to Date | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Earnings from operations | $ | 20.4 | $ | 20.3 | $ | 32.4 | $ | 36.7 | ||||||||
Restructuring charges (Note 1) | — | — | — | 2.4 | ||||||||||||
Adjusted earnings from operations | $ | 20.4 | $ | 20.3 | $ | 32.4 | $ | 39.1 | ||||||||
Second Quarter | June Year to Date | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Income tax (benefit) expense | $ | (15.6 | ) | $ | 1.5 | $ | (9.2 | ) | $ | 4.2 | ||||||
Tax benefit on investment in Persol Holdings (Note 2) | 16.2 | — | 8.9 | — | ||||||||||||
Tax expense on restructuring charges (Note 1) | — | — | — | 0.7 | ||||||||||||
Adjusted income tax expense (benefit) | $ | 0.6 | $ | 1.5 | $ | (0.3 | ) | $ | 4.9 | |||||||
Second Quarter | June Year to Date | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Net earnings (loss) | $ | (15.4 | ) | $ | 18.7 | $ | 13.7 | $ | 30.9 | |||||||
Loss on investment in Persol Holdings, net of taxes (Note 2) | 36.3 | — | 19.9 | — | ||||||||||||
Restructuring charges, net of taxes (Note 1) | — | — | — | 1.7 | ||||||||||||
Adjusted net earnings | $ | 20.9 | $ | 18.7 | $ | 33.6 | $ | 32.6 | ||||||||
Second Quarter | June Year to Date | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Per Share | Per Share | |||||||||||||||
Net earnings (loss) | $ | (0.40 | ) | $ | 0.47 | $ | 0.35 | $ | 0.78 | |||||||
Loss on investment in Persol Holdings, net of taxes (Note 2) | 0.94 | — | 0.51 | — | ||||||||||||
Restructuring charges, net of taxes (Note 1) | — | — | — | 0.04 | ||||||||||||
Adjusted net earnings | $ | 0.54 | $ | 0.47 | $ | 0.86 | $ | 0.82 |