ManpowerGroup Q1 2024 Earnings Report
Key Takeaways
ManpowerGroup reported a decrease in revenue by 7% to $4.4 billion and net earnings per diluted share decreased to $0.81, compared to $1.51 in the prior year period. The company faced challenges in North America and Europe, while Latin America and Asia-Pacific regions showed solid demand. The company anticipates diluted earnings per share in the second quarter will be between $1.24 and $1.34.
Revenues decreased to $4.4 billion, a 7% decrease as reported, or 5% on a constant currency basis.
Challenging environments persisted in North America and Europe, while Latin America and Asia-Pacific showed solid demand.
Gross profit margin was reported at 17.3%, or 17.5% as adjusted, with strong staffing margins and stable permanent recruitment trends.
The company repurchased $50 million of common stock during the quarter.
ManpowerGroup
ManpowerGroup
ManpowerGroup Revenue by Geographic Location
Forward Guidance
ManpowerGroup anticipates diluted earnings per share in the second quarter will be between $1.24 and $1.34, which includes an estimated unfavorable currency impact of 7 cents and excludes unfavorable operating losses for the run-off Proservia Germany business estimated at 8 cents. Our guidance excludes any restructuring costs and any Argentina related impact of non-cash currency translation losses.
Challenges Ahead
- Unfavorable currency impact of 7 cents.
- Unfavorable operating losses for the run-off Proservia Germany business estimated at 8 cents.
- Economic and geopolitical uncertainty
- Trends in labor demand
- Any residual costs resulting from the wind-down of the Proservia business in Germany and the Company’s strategic initiatives and technology investments
Revenue & Expenses
Visualization of income flow from segment revenue to net income