MILWAUKEE – ManpowerGroup (NYSE:NYSE:) today announced its first quarter financial results, revealing adjusted earnings per share (EPS) of $0.94, which surpassed the analyst consensus estimate of $0.91.
Despite the improvement in EPS, the company's revenue for the quarter was $4.4 billion, slightly below the consensus estimate of $4.44 billion and representing a 7% decline from the previous quarter. 4,752 million dollars reported in the same quarter last year.
The global staffing firm faced a challenging environment in North America and Europe, but experienced strong demand in Latin America and the Asia-Pacific region.
ManpowerGroup's gross profit margin stood at 17.5% on an adjusted basis, while the company managed to reduce selling, general and administrative (SG&A) expenses by 6% year over year (YoY) in reported terms and 5% in constant currency.
ManpowerGroup President and CEO Jonas Prising commented on the quarter's performance, stating: “Employers in North America and Europe remain cautious as they await signs that the economic environment is on a sustainable path of improvement. In some In those markets, demand for staff and permanent hiring stabilized at lower levels, while demand in Latin America and Asia Pacific Middle East remained strong.
Looking ahead, ManpowerGroup anticipates adjusted diluted EPS for the second quarter to be between $1.24 and $1.34, taking into account an estimated unfavorable currency impact of 7 cents and excluding operating losses from the Proservia Germany business estimated at 8 cents. cents. The midpoint of this guidance range, $1.29, has not yet been compared to the analyst consensus as it was not provided.
During the quarter, the company also repurchased $50 million in common stock and reported strong cash flow. Despite declining revenue, the company's efforts to manage costs and maintain strong headcount margins reflect a degree of resilience in its operations. ManpowerGroup's financial position remains strong, with cash and cash equivalents totaling $604.8 million as of March 31, 2024.
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