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Sep 30, 2023
ManpowerGroup Q3 2023 Earnings Report
ManpowerGroup's Q3 2023 results reflected a challenging operating environment, particularly in North America and Europe, leading to a revenue decline.
Key Takeaways
ManpowerGroup reported Q3 2023 revenues of $4.7 billion, a 3% decrease year-over-year, with net earnings of $0.60 per diluted share, compared to $2.13 in the prior year. The results were impacted by a challenging operating environment in North America and Europe, though Latin America and Asia Pacific Middle East showed solid demand. The company is implementing cost reduction and restructuring actions to align operations with weaker market demand.
Revenues decreased by 3% as reported and 5% in constant currency, totaling $4.7 billion.
Challenging operating conditions in North America and Europe significantly impacted revenue.
Gross profit margin stood at 17.6%, with resilient staffing margins but weakened permanent recruitment demand.
The company repurchased $50 million of common stock and generated strong free cash flow of $245 million during the quarter.
Revenue by Geographic Location
Forward Guidance
ManpowerGroup anticipates diluted earnings per share in the fourth quarter to be between $1.17 and $1.27, which includes an estimated unfavorable currency impact of 1 cent. This guidance excludes expected restructuring costs and any Argentina related impact of non-cash currency translation losses.
Challenges Ahead
- Fourth quarter guidance includes an estimated unfavorable currency impact of 1 cent.
- Guidance excludes expected restructuring costs.
- Guidance excludes any Argentina related impact of non-cash currency translation losses.
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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