ManpowerGroup has released its financial results for the second quarter of 2024, revealing a decrease in net earnings and revenue. This report provides an overview of the company’s financial performance and the factors influencing these results.
Financial Highlights for Q2 2024
- Net Earnings: $1.24 per diluted share, compared to $1.29 per diluted share in the prior year period.
- Total Net Earnings: $60.1 million, down from $65.2 million a year earlier.
- Revenue: $4.5 billion, a 7% decrease from the same quarter last year.
- Run-Off Losses: The quarter included final losses related to the Proservia Germany business, which reduced earnings per share by $0.06.
- Adjusted Earnings: Excluding these losses, earnings per share was $1.30, reflecting a 12% decrease in constant currency.
- Foreign Currency Effects: The U.S. dollar’s performance relative to foreign currencies had a notable impact, with actual foreign currency impact slightly worse than estimated at negative $0.08 per share.
- Constant Currency Performance: Revenues decreased 3% compared to the prior year period on a constant currency basis.
- Market Conditions: Chairman & CEO Jonas Prising noted cautious employer sentiment in North America and Europe, with permanent recruitment activity softening and staffing solutions remaining stable.
- Guidance: For Q3 2024, ManpowerGroup anticipates earnings per share between $1.25 and $1.35, including an estimated unfavorable currency impact of $0.05, excluding restructuring costs and Argentina-related non-cash currency translation losses.
- Net Earnings: For the six months ended June 30, 2024, net earnings totaled $99.8 million, or $2.05 per diluted share, compared to $143.0 million, or $2.80 per diluted share in the prior year.
- Revenues: $8.9 billion, a decrease of 7% compared to the previous year or 4% in constant currency.
- Earnings Impact: Negative 12 cents per share due to changes in foreign currencies and charges from Proservia Germany and Argentina.
ManpowerGroup’s Q2 2024 financial results reflect challenges due to currency fluctuations and specific business losses, alongside a decline in earnings and revenue. Looking ahead, the company remains focused on strategic initiatives and adjusting to market conditions while providing guidance for the upcoming quarter.
