Randstad Holding NV said its normalized net income for the first quarter amounted to 53 euro cents per share, compared with the S&P Capital IQ consensus estimate of 77 cents per share.

EPS increased 9.8% year over year from 48 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €96.5 million, an increase of 9.9% from €87.8 million in the year-earlier period.

The normalized profit margin dropped to 1.7% from 1.9% in the year-earlier period.

Total revenue increased 18.2% on an annual basis to €5.56 billion from €4.70 billion, and total operating expenses increased 18.3% year over year to €5.40 billion from €4.57 billion.

Reported net income increased 13.1% from the prior-year period to €111.9 million, or 61 cents per share, from €98.9 million, or 54 cents per share.