10-Q - ManpowerGroup Inc. (0000871763) (Filer)

Fri, Nov 8, 9:58 PM (253 days ago)

For the third quarter of 2024, ManpowerGroup Inc. (MAN) reported revenues of $4,530.2 million, a 3.1% decrease from Q3 2023, primarily attributed to decreased demand in staffing services amid economic uncertainty. Gross profit also declined to $782.1 million, reflecting a margin decrease of 30 basis points. Operating profit increased slightly to $70.8 million, aided by reduced selling and administrative expenses, which fell 5.4%. However, net earnings dropped 24.7% to $22.8 million, with a diluted EPS of $0.47. The company faced challenges in various regions, notably a 9.4% revenue decline in Northern Europe and a 5.5% drop in the Americas. Cash flow from operations was significantly lower at $61.6 million compared to $234.5 million in the previous year, impacted by changes in working capital. The balance sheet showed cash and equivalents of $410.9 million, down from $581.3 million at year-end 2023. Restructuring costs amounted to $37.6 million during the quarter, reflecting ongoing operational adjustments. The outlook remains cautious, with expectations of continued economic challenges affecting future performance.