ManpowerGroup reports revenue, earnings decline in Q1 2024
WISCONSIN, UNITED STATES — Workforce solutions provider ManpowerGroup announced its financial results for the first quarter of 2024, revealing a decrease in revenues and earnings per share compared to the same period last year
For the quarter ending March 31, 2024, ManpowerGroup reported revenues of $4.4 billion, marking a 7% decrease from the previous year.
The company’s net earnings were $39.7 million, or $0.81 per diluted share, down from $77.8 million, or $1.51 per diluted share, in the first quarter of 2023.
The reported gross profit margin stood at 17.3%, with adjusted figures slightly higher at 17.5%. Despite the overall revenue decline, staffing margins remained robust, and permanent recruitment trends stabilized, albeit at lower levels.
ManpowerGroup’s regional performance and strategic focus
The company noted a continuation of challenging conditions in North America and Europe, with cautious employer sentiment awaiting clearer signs of economic stability.
Conversely, the Latin America and Asia Pacific regions exhibited solid demand, underscoring the geographical disparities in the global market.
Jonas Prising, Chairman & CEO of ManpowerGroup, commented on the results, stating, “In some of those markets, demand for staffing and permanent recruitment stabilized at lower levels, while demand across Latin America and Asia Pacific Middle East remained solid.”
He added, “We continue to prioritize the execution of our strategic initiatives and are accelerating sales activities to drive profitable growth when demand trends strengthen.”
Stock repurchase and cash flow
During the first quarter, ManpowerGroup repurchased $50 million of its common stock and reported strong cash flow, reflecting its ongoing commitment to shareholder returns and financial stability.
Second quarter outlook
For the second quarter of 2024, ManpowerGroup anticipates diluted earnings per share to be between $1.24 and $1.34. This forecast includes an estimated unfavorable currency impact of 7 cents and excludes operating losses related to the run-off Proservia Germany business, estimated at 8 cents per share.
The guidance also excludes any restructuring costs and impacts related to non-cash currency translation losses in Argentina.
ManpowerGroup was recently recognized among the World’s Most Ethical Companies for 2024.
