ManpowerGroup NYSE:MAN Price, Chart, News & Insight

NYSE:MAN

ManpowerGroup Plunges 15% as Q4 Outlook and High Tax Rate Overshadow Improving Q3 Trends

ManpowerGroup (NYSE: MAN) shares fell about 15% after the staffing company reported improved third-quarter results but issued a fourth-quarter earnings outlook that appears to have disappointed investors.

Third-quarter revenue increased 4% year over year to $4.8 billion, or 5% in constant currency and 6% organically in constant currency. Growth was led by the Manpower brand, particularly in the U.S., while Experis trends also improved and the U.S. business returned to growth during the quarter.

Net income rose to $34.1 million, or $0.71 per diluted share, from $18.0 million, or $0.38 per share, a year earlier. Excluding restructuring, transformation and other special items, adjusted EPS was $1.01, representing 24% growth in constant currency.

However, ManpowerGroup forecast fourth-quarter diluted EPS of $1.03 to $1.13 and an unusually high effective tax rate of 44%. The cautious outlook appears to be a major factor behind the sharp stock decline, particularly given continued restructuring and transformation costs.

Management nevertheless said 2026 is becoming an inflection year, citing improving demand, U.S. market-share gains, better trends at Experis and Talent Solutions, and continued progress on its cost-savings program.

The company also announced a leadership transition, with Becky Frankiewicz set to become CEO on January 1, 2027, while current CEO Jonas Prising will move to Executive Chair.

The 15% decline appears to reflect investor concern that near-term earnings improvement may remain constrained by the elevated tax rate, restructuring costs and the pace of the broader turnaround, despite clear improvement in revenue growth and adjusted profitability.

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The Investor 10-15-26

ManpowerGroup Reports Q2 Loss Amid Restructuring and Impairment Charges

ManpowerGroup (NYSE: MAN) posted a net loss of $67.1 million, or $1.44 per share, for Q2 2025, compared to a $60.1 million profit a year earlier. Revenues remained flat at $4.5 billion. The loss was driven by an $89 million non-cash goodwill impairment charge and restructuring costs related to business sales in South Africa and New Caledonia.

Adjusted EPS was $0.78, down 43% in constant currency. While Latin America and Asia Pacific showed strong demand, Europe and North America experienced stabilizing trends. The company forecasts Q3 EPS between $0.77 and $0.87.

CEO Jonas Prising noted early signs of stabilization and emphasized continued investment in AI and digital transformation to boost long-term growth.

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WS Investor 07-17-25

ManpowerGroup Reports First Quarter 2025 Results

ManpowerGroup (NYSE: MAN) reported first quarter 2025 revenues of $4.1 billion, a decrease of 7% as reported, 5% in constant currency, and 2% on an organic constant currency basis. Net earnings were $5.6 million or $0.12 per diluted share, compared to $39.7 million or $0.81 per diluted share in the same period last year.

Excluding $0.32 per share in restructuring and tax-related charges, adjusted earnings were $0.44 per diluted share, a 51% decline in constant currency compared to the prior year’s adjusted result. The company cited challenging market conditions in Europe and North America, while noting better demand trends in Latin America and Asia Pacific.

Key figures:
- Gross profit margin was 17.1%, supported by stable staffing margins but affected by weaker permanent recruitment
- SG&A expenses declined year over year
- $25 million of common stock was repurchased during the quarter
- Operating profit was $28.2 million, down 57%
- Effective tax rate increased, impacting net earnings

Regional performance:
- Americas revenues grew 2% as reported and 5.3% in constant currency
- Southern Europe revenues declined 7.4% as reported and 4.8% in constant currency
- Northern Europe revenues declined 16% as reported and 14.3% in constant currency
- Asia Pacific Middle East (APME) revenues declined 11% as reported and 9.2% in constant currency

Operating profit was down across most regions, including a loss of $18.3 million in Northern Europe. Southern Europe profit fell 28%, while APME remained relatively stable.

Outlook:
For the second quarter of 2025, ManpowerGroup expects diluted earnings per share to be between $0.65 and $0.75, including a favorable currency impact of $0.03 and an effective tax rate of 46.5%.

Balance sheet as of March 31, 2025:
- Cash and cash equivalents: $395.0 million, down from $509.4 million at December 31, 2024
- Total assets: $8.0 billion
- Shareholders' equity: $2.1 billion

Cash flow for the quarter:
- Net cash used in operating activities: $153.2 million
- Net cash used in investing activities: $14.6 million
- Net cash provided by financing activities: $45.7 million

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European Investor 04-18-25

ManpowerGroup reported its fourth-quarter 2024 results, highlighting a challenging market environment, particularly in North America and Europe, while Asia Pacific and Latin America saw stronger demand. The company posted revenues of $4.4 billion, a 5% decline year-over-year (3% on a constant currency basis), with a gross profit margin of 17.2%. Staffing margins remained stable despite a slight mix-related decrease, while permanent recruitment levels were largely unchanged across major markets.

Net earnings for the quarter were $22.5 million, translating to earnings per diluted share of $0.47, a significant improvement from the net loss of $84.5 million (-$1.73 per diluted share) reported in Q4 2023. The results included restructuring costs, pension settlements, and losses from the sale of the company’s Austria business, reducing EPS by $0.55. Excluding these charges, adjusted EPS stood at $1.02, reflecting a 27% decline in constant currency.

For the full year 2024, net earnings reached $145.1 million ($3.01 per diluted share), compared to $88.8 million ($1.76 per diluted share) in 2023. Adjusted full-year EPS was $4.55, down 21% in constant currency. Total revenues for 2024 declined 6% year-over-year to $17.9 billion (3% on a constant currency basis), with a negative foreign currency impact of $0.20 per share.

CEO Jonas Prising noted that while operating conditions remained tough, the company performed well in many markets, benefiting from its "Winning in the Market" strategy. ManpowerGroup also implemented cost-cutting measures, particularly in Europe, and advanced its global transformation initiatives. The company expects Q1 2025 diluted EPS between $0.47 and $0.57, factoring in a $0.06 negative currency impact and a 36% effective tax rate.

Segment results showed mixed performance:
- **Americas**: Revenue remained flat in the U.S. (+1%) and declined slightly in other regions (-2%).
- **Southern Europe**: France reported a 6.2% revenue drop, while Italy and other Southern European countries experienced slight growth.
- **Northern Europe**: Revenue dropped 15.9%, continuing its struggle.
- **Asia Pacific & Middle East (APME)**: Revenue declined 5.5%, though demand remained relatively strong.

The company generated $247 million in cash from operations in Q4, reducing Days Sales Outstanding by three days. It repurchased $34 million of its own stock during the quarter. Looking ahead, ManpowerGroup remains focused on operational efficiency, cost control, and strategic growth initiatives.

A conference call discussing these results was scheduled for January 30, 2025, with supporting materials available on the company’s investor relations website.

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European Investor 01-30-25

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