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Sep 30, 2024
ManpowerGroup Q3 2024 Earnings Report
ManpowerGroup's Q3 2024 financial performance was impacted by a challenging environment in North America and Europe, but saw good demand in Latin America and Asia-Pacific.
Key Takeaways
ManpowerGroup reported Q3 2024 revenues of $4.5 billion, a 3% decrease year-over-year. Net earnings were $22.8 million, or $0.47 per diluted share, compared to $30.3 million, or $0.60 per diluted share, in the prior year. Excluding restructuring costs and a discrete tax item, earnings per share was $1.29.
Revenues decreased by 3% as reported, and 2% in constant currency, totaling $4.5 billion.
The business experienced a challenging environment in North America and Europe, while seeing good demand in Latin America and Asia-Pacific.
Gross profit margin was 17.3% with solid staffing margins and stable permanent recruitment levels.
SG&A reductions reflect adjustments to market conditions, decreasing by 5% as reported and on a constant currency basis.
Revenue by Geographic Location
Forward Guidance
ManpowerGroup anticipates diluted earnings per share in the fourth quarter will be between $0.98 and $1.08, which includes an estimated unfavorable currency impact of 1 cent. This guidance excludes any restructuring costs and any Argentina related impact of non-cash currency translation losses.
Challenges Ahead
- The operating environment has not changed significantly through the third quarter and employers in North America and Europe remain cautious.
- Anticipate diluted earnings per share in the fourth quarter will be between $0.98 and $1.08
- Includes an estimated unfavorable currency impact of 1 cent
- Guidance excludes any 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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