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Jun 30, 2023
ManpowerGroup Q2 2023 Earnings Report
ManpowerGroup's Q2 2023 results reflected a challenging operating environment, particularly in the U.S. and Europe, leading to revenue declines in key segments, while prioritizing productivity and strategic initiatives for future growth.
Key Takeaways
ManpowerGroup reported Q2 2023 revenues of $4.9 billion, a 4% decrease year-over-year. Net earnings were $1.29 per diluted share, down from $2.29 in the prior year. The results were impacted by a challenging operating environment in the U.S. and Europe, as well as restructuring costs and Argentina-related currency translation losses.
Revenues decreased by 4% as reported, or 3% in constant currency, totaling $4.9 billion.
Challenging operating environment in the U.S. and Europe impacted revenue in Manpower, Experis, and Talent Solutions.
Gross profit margin was 17.8%, with staffing margins consistent with the previous year, but weaker permanent recruitment demand.
$50 million of common stock was repurchased during the quarter.
Revenue by Geographic Location
Forward Guidance
ManpowerGroup anticipates diluted earnings per share in the third quarter to be between $1.32 and $1.42, which includes an estimated favorable currency impact of 8 cents. This guidance excludes expected restructuring costs and the Argentina related impact of non-cash currency translation losses.
Positive Outlook
- Diluted earnings per share in Q3 is expected to be between $1.32 and $1.42.
- Guidance includes an estimated favorable currency impact of 8 cents.
- Prioritizing improved productivity.
- Advancing strategic initiatives.
- Positioning the company well for strong performance when market conditions improve.
Challenges Ahead
- Guidance excludes expected restructuring costs.
- Guidance excludes Argentina related impact of non-cash currency translation losses.
- Challenging operating environment for recruitment and resourcing in the U.S. and Europe.
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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