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Jun 30, 2024
ManpowerGroup Q2 2024 Earnings Report
ManpowerGroup's financial performance softened due to challenging conditions in North America and Europe, but was supported by solid demand in Latin America and Asia-Pacific.
Key Takeaways
ManpowerGroup reported a decrease in revenue and earnings per share for Q2 2024 compared to the prior year period. Revenues decreased by 7% to $4.5 billion, and net earnings per diluted share decreased to $1.24. The company faced challenging environments in North America and Europe, while experiencing solid demand in Latin America and Asia-Pacific.
Revenues decreased by 7% as reported, or 3% in constant currency, reaching $4.5 billion.
Challenging conditions persisted in North America and Europe, with solid demand in Latin America and Asia-Pacific.
Gross profit margin was 17.4%, with staffing margins remaining solid.
SG&A expenses were reduced by 9% as reported.
Revenue by Geographic Location
Forward Guidance
ManpowerGroup anticipates diluted earnings per share in the third quarter will be between $1.25 and $1.35, which includes an estimated unfavorable currency impact of 5 cents. This guidance excludes any restructuring costs and any Argentina related impact of non-cash currency translation losses.
Positive Outlook
- Earnings per share in the third quarter will be between $1.25 and $1.35.
- The guidance includes an estimated unfavorable currency impact of 5 cents.
- Strategic initiatives are being prioritized.
- Sales activities are being driven.
- Costs are being balanced to align with the current operating environment.
Challenges Ahead
- Employers in North America and Europe continue to remain cautious.
- Permanent recruitment activity softened slightly further from the previous quarter.
- There is an estimated unfavorable currency impact of 5 cents.
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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