ManpowerGroup has released its financial results for the first quarter of 2024. The report highlights key earnings, revenues, and factors influencing the company’s performance.
- Earnings and Revenues
- Net earnings of $0.81 per diluted share, down from $1.51 in the prior year.
- Net earnings for the quarter were $39.7 million, compared to $77.8 million a year earlier.
- Revenues of $4.4 billion, marking a 7% decrease from the prior year.
- Factors Affecting Earnings
- Run-off losses from Proservia Germany business and minor loss from Argentina currency translation.
- These losses reduced earnings by $0.13 per share and gross profit margin by 20 basis points.
- Excluding these losses, earnings per share was $0.94, a 39% decrease in constant currency.
- Currency Impact
- U.S. dollar impact on foreign currencies was more negative than expected.
- First quarter earnings per share guidance estimated a negative 2 cents foreign currency impact, but actual impact was negative 4 cents.
- On a constant currency basis, revenues decreased by 5% compared to the prior year.
- Regional Demand and Outlook
- North America and Europe employers remain cautious.
- Stabilized demand for staffing and recruitment in some markets.
- Solid demand across Latin America and Asia Pacific Middle East.
- Prioritizing strategic initiatives and accelerating sales activities for future growth.
- Q2 Earnings Guidance
- Anticipated diluted earnings per share between $1.24 and $1.34.
- Estimated unfavorable currency impact of 7 cents.
- Excludes operating losses for run-off Proservia Germany business and Argentina related impacts.
- Investor Relations and Conference Call
- Conference call broadcasted live on April 18, 2024, at 7:30 a.m. CT (8:30 a.m. ET).
- Webcast details, presentation, and recordings available on manpowergroup.com.
Despite challenges from currency impacts and regional economic conditions, ManpowerGroup remains focused on strategic initiatives and growth. With stabilized demand in certain markets and solid performance in others, the company looks forward to navigating through the evolving economic landscape.
