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Mar 31, 2025
ManpowerGroup Q1 2025 Earnings Report
ManpowerGroup reported a sharp decline in earnings and revenue for Q1 2025, impacted by restructuring charges and weaker demand in key markets.
Key Takeaways
ManpowerGroup's Q1 2025 revenue declined to $4.1B with net income dropping significantly to $5.6M. Restructuring costs and tax legislation changes weighed heavily on results, although demand in Latin America and Asia Pacific remained solid.
Revenue declined 7% to $4.1B, with a 2% organic constant currency decrease.
Net income fell sharply to $5.6M from $39.7M a year earlier.
Adjusted EPS was $0.44 after excluding restructuring and tax impacts.
Good growth in Latin America and Asia Pacific, but Europe and North America faced continued challenges.
Revenue by Geographic Location
Forward Guidance
ManpowerGroup expects Q2 diluted EPS between $0.65 and $0.75, factoring in a 3-cent currency benefit and a 46.5% effective tax rate.
Positive Outlook
- Favorable currency impact expected in Q2 (+$0.03)
- Solid staffing margins in most major markets
- Cost base continues to adjust to market conditions
- Stable demand in Latin America and Asia Pacific
- SG&A costs reduced year-over-year with further restructuring
Challenges Ahead
- Uncertainty in trade policy impacting demand outlook
- Challenging conditions in Europe and North America
- Restructuring and tax charges significantly impacted Q1 EPS
- Foreign currency pressures compared to prior year
- Weaker permanent recruitment activity
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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