ManpowerGroup Reports 1st Quarter 2025 Results
ManpowerGroup (NYSE: MAN) reported Q1 2025 financial results with revenues of $4.1 billion, representing a 7% decrease year-over-year (-5% constant currency, -2% organic CC). The company posted net earnings of $0.12 per diluted share, down from $0.81 in the prior year, with total net earnings of $5.6 million compared to $39.7 million.
The quarter was marked by regional performance variations, with strong growth in Latin America and Asia Pacific, while Europe and North America faced challenging conditions. The gross profit margin stood at 17.1%, reflecting solid staffing margins but weaker permanent recruitment. The company implemented restructuring actions and repurchased $25 million in common stock.
Q1 results were impacted by restructuring costs and higher income tax charges due to French legislation changes, reducing earnings per share by $0.32. Excluding these charges, EPS was $0.44. The company projects Q2 2025 earnings between $0.65-$0.75 per share, including a 3-cent favorable currency impact.
ManpowerGroup (NYSE: MAN) ha comunicato i risultati finanziari del primo trimestre 2025 con ricavi pari a 4,1 miliardi di dollari, segnando un calo del 7% rispetto all'anno precedente (-5% a valuta costante, -2% organico a valuta costante). L'azienda ha registrato un utile netto di 0,12 dollari per azione diluita, in diminuzione rispetto a 0,81 dollari dell'anno precedente, con un utile netto complessivo di 5,6 milioni di dollari rispetto a 39,7 milioni.
Il trimestre è stato caratterizzato da variazioni di performance regionali, con una forte crescita in America Latina e Asia Pacifico, mentre Europa e Nord America hanno affrontato condizioni difficili. Il margine lordo si è attestato al 17,1%, riflettendo solidi margini nel settore del personale temporaneo ma un calo nel reclutamento permanente. L’azienda ha avviato azioni di ristrutturazione e ha riacquistato azioni ordinarie per 25 milioni di dollari.
I risultati del primo trimestre sono stati influenzati da costi di ristrutturazione e maggiori imposte sul reddito dovute a cambiamenti legislativi in Francia, riducendo l’utile per azione di 0,32 dollari. Escludendo tali oneri, l’utile per azione è stato di 0,44 dollari. La società prevede per il secondo trimestre 2025 un utile per azione compreso tra 0,65 e 0,75 dollari, includendo un impatto favorevole di 3 centesimi derivante dal cambio valuta.
ManpowerGroup (NYSE: MAN) reportó los resultados financieros del primer trimestre de 2025 con ingresos de 4.100 millones de dólares, representando una disminución del 7% interanual (-5% a moneda constante, -2% orgánico a moneda constante). La compañía registró ganancias netas de 0,12 dólares por acción diluida, frente a 0,81 dólares del año anterior, con un total de ganancias netas de 5,6 millones de dólares comparado con 39,7 millones.
El trimestre estuvo marcado por variaciones en el desempeño regional, con un fuerte crecimiento en América Latina y Asia Pacífico, mientras que Europa y Norteamérica enfrentaron condiciones difíciles. El margen bruto se situó en 17,1%, reflejando sólidos márgenes en el área de personal temporal pero una menor contratación permanente. La empresa implementó acciones de reestructuración y recompró acciones comunes por 25 millones de dólares.
Los resultados del primer trimestre se vieron afectados por costos de reestructuración y mayores impuestos sobre la renta debido a cambios legislativos en Francia, reduciendo las ganancias por acción en 0,32 dólares. Excluyendo estos cargos, las ganancias por acción fueron de 0,44 dólares. La compañía proyecta ganancias para el segundo trimestre de 2025 entre 0,65 y 0,75 dólares por acción, incluyendo un impacto favorable de 3 centavos por tipo de cambio.
ManpowerGroup (NYSE: MAN)는 2025년 1분기 재무 실적을 발표했으며, 매출은 41억 달러로 전년 대비 7% 감소(-5% 환율 고정, -2% 유기적 환율 고정)를 기록했습니다. 회사는 희석 주당순이익이 0.12달러로 전년도의 0.81달러에서 하락했으며, 총 순이익은 560만 달러로 전년 3,970만 달러에 비해 감소했습니다.
이번 분기는 지역별 실적 차이가 두드러졌으며, 라틴 아메리카와 아시아 태평양 지역에서는 강한 성장을 보인 반면, 유럽과 북미는 어려운 환경에 직면했습니다. 총 이익률은 17.1%로 견고한 임시직 인력 관리 마진을 반영했으나 정규직 채용은 약세를 보였습니다. 회사는 구조조정 조치를 시행하고 2,500만 달러 규모의 자사주를 재매입했습니다.
1분기 실적은 구조조정 비용과 프랑스 법률 변경에 따른 높은 소득세 부담으로 인해 주당순이익이 0.32달러 감소하는 영향을 받았습니다. 이러한 비용을 제외하면 주당순이익은 0.44달러였습니다. 회사는 2025년 2분기 주당순이익을 0.65~0.75달러로 예상하며, 여기에는 환율 변동에 따른 3센트의 긍정적 영향이 포함되어 있습니다.
ManpowerGroup (NYSE : MAN) a publié ses résultats financiers du premier trimestre 2025 avec un chiffre d'affaires de 4,1 milliards de dollars, soit une baisse de 7 % par rapport à l'année précédente (-5 % en monnaie constante, -2 % organique en monnaie constante). La société a enregistré un bénéfice net de 0,12 dollar par action diluée, en baisse par rapport à 0,81 dollar l'année précédente, avec un bénéfice net total de 5,6 millions de dollars contre 39,7 millions.
Le trimestre a été marqué par des variations de performance régionales, avec une forte croissance en Amérique latine et dans la région Asie-Pacifique, tandis que l'Europe et l'Amérique du Nord ont rencontré des conditions difficiles. La marge brute s'est établie à 17,1 %, reflétant des marges solides dans le recrutement temporaire mais une faiblesse dans le recrutement permanent. La société a mis en place des actions de restructuration et a racheté pour 25 millions de dollars d'actions ordinaires.
Les résultats du premier trimestre ont été impactés par des coûts de restructuration et des charges fiscales plus élevées dues à des changements législatifs en France, réduisant le bénéfice par action de 0,32 dollar. Hors ces charges, le BPA s'est élevé à 0,44 dollar. La société prévoit un bénéfice par action pour le deuxième trimestre 2025 compris entre 0,65 et 0,75 dollar, incluant un impact favorable des changes de 3 cents.
ManpowerGroup (NYSE: MAN) meldete die Finanzergebnisse für das erste Quartal 2025 mit Umsätzen von 4,1 Milliarden US-Dollar, was einem Rückgang von 7 % im Jahresvergleich entspricht (-5 % bei konstanten Wechselkursen, -2 % organisch bei konstanten Wechselkursen). Das Unternehmen erzielte einen Nettogewinn von 0,12 US-Dollar je verwässerter Aktie, gegenüber 0,81 US-Dollar im Vorjahr, mit einem Gesamtnettogewinn von 5,6 Millionen US-Dollar im Vergleich zu 39,7 Millionen.
Das Quartal war geprägt von regionalen Leistungsunterschieden, mit starkem Wachstum in Lateinamerika und im asiatisch-pazifischen Raum, während Europa und Nordamerika mit schwierigen Bedingungen zu kämpfen hatten. Die Bruttomarge lag bei 17,1 %, was solide Margen im Bereich der Zeitarbeit, aber schwächere Ergebnisse bei der Festanstellung widerspiegelt. Das Unternehmen führte Restrukturierungsmaßnahmen durch und kaufte Stammaktien im Wert von 25 Millionen US-Dollar zurück.
Die Ergebnisse des ersten Quartals wurden durch Restrukturierungskosten und höhere Ertragsteuern aufgrund von Gesetzesänderungen in Frankreich belastet, was den Gewinn je Aktie um 0,32 US-Dollar verringerte. Ohne diese Belastungen lag der Gewinn je Aktie bei 0,44 US-Dollar. Für das zweite Quartal 2025 prognostiziert das Unternehmen einen Gewinn je Aktie zwischen 0,65 und 0,75 US-Dollar, einschließlich eines positiven Währungseffekts von 3 Cent.
- Strong growth performance in Latin America and Asia Pacific markets
- Solid staffing margins across most major markets
- $25 million in share repurchases completed
- SG&A expenses decreased year over year
- Revenue declined 7% to $4.1 billion
- Net earnings per share dropped 85% to $0.12 from $0.81
- Weaker permanent recruitment activity
- Challenging conditions in key markets of Europe and North America
- Higher income tax charges due to French legislation changes
Insights
ManpowerGroup reports substantial earnings decline with Q1 EPS falling 85% to $0.12, reflecting persistent staffing industry headwinds and elevated restructuring costs.
ManpowerGroup's Q1 2025 results reveal significant deterioration in the company's financial performance, with
Even when excluding restructuring costs and higher tax charges that impacted EPS by
The geographic performance disparity is telling – Latin America and Asia Pacific showing growth while the company's core markets in Europe and North America remain challenged. This regional imbalance raises concerns as these struggling markets represent ManpowerGroup's traditional strongholds.
The
Management's forward guidance of
- Revenues of
$4.1 billion 7% as reported, -5% constant currency (CC), -2% organic CC) Latin America andAsia Pacific experienced good demand whileEurope andNorth America continued to operate in a challenging environment during the quarter- Gross profit margin of
17.1% reflects solid staffing margins across most major markets and slightly weaker permanent recruitment activity - SG&A down year over year with additional restructuring actions taken in the quarter
$25 million
The current year quarter included restructuring costs and higher income tax charges. The tax charges resulted from legislation changes enacted in
Financial results in the quarter were also impacted by the
Jonas Prising, ManpowerGroup Chair & CEO, said, "During the quarter, we saw good growth in
We anticipate diluted earnings per share in the second quarter will be between
In conjunction with its first quarter earnings release, ManpowerGroup will broadcast its conference call live over the Internet on April 17, 2025 at 7:30 a.m. central time (8:30 a.m. eastern time). Prepared remarks for the conference call, webcast details, presentation and recordings are included within the Investor Relations section of manpowergroup.com.
Supplemental financial information referenced in the conference call can be found at http://investor.manpowergroup.com/.
About ManpowerGroup
ManpowerGroup® (NYSE: MAN), the leading global workforce solutions company, helps organizations transform in a fast-changing world of work by sourcing, assessing, developing, and managing the talent that enables them to win. We develop innovative solutions for hundreds of thousands of organizations every year, providing them with skilled talent while finding meaningful, sustainable employment for millions of people across a wide range of industries and skills. Our expert family of brands – Manpower, Experis, and Talent Solutions – creates substantially more value for candidates and clients across more than 70 countries and territories and has done so for 75 years. We are recognized consistently for our diversity – as a best place to work for Women, Inclusion, Equality, and Disability, and in 2025 ManpowerGroup was named one of the World's Most Ethical Companies for the 16th time – all confirming our position as the brand of choice for in-demand talent. For more information, visit www.manpowergroup.com.
Forward-Looking Statements
This press release contains statements, including statements regarding global economic and geopolitical uncertainty, including uncertainty in trade policy announcements, trends in labor demand and the future strengthening of such demand, financial outlook, the outlook for our business in regions in which we operate as well as key countries within those regions, and the Company's strategic initiatives and technology investments, including transformation programs and the positioning of future growth for our brands that are forward-looking in nature and, accordingly, are subject to risks and uncertainties regarding the Company's expected future results. The Company's actual results may differ materially from those described or contemplated in the forward-looking statements due to numerous factors. These factors include those found in the Company's reports filed with the SEC, including the information under the heading "Risk Factors" in its Annual Report on Form 10-K for the year ended December 31, 2024, which information is incorporated herein by reference.
The Company assumes no obligation to update or revise any forward-looking statements. We reference certain non-GAAP financial measures, which we believe provide useful information for investors. We include a reconciliation of these measures, where appropriate, to GAAP on the Investor Relations section of our website at manpowergroup.com.
1 The prior year period included various adjustments which reduced earnings per share by |
ManpowerGroup | ||||
Results of Operations | ||||
(In millions, except per share data) | ||||
Three Months Ended March 31 | ||||
% Variance | ||||
Amount | Constant | |||
2025 | 2024 | Reported | Currency | |
(Unaudited) | ||||
Revenues from services (a) | $ 4,090.3 | $ 4,403.3 | -7.1 % | -4.6 % |
Cost of services | 3,392.0 | 3,639.6 | -6.8 % | -4.2 % |
Gross profit | 698.3 | 763.7 | -8.6 % | -6.2 % |
Selling and administrative expenses | 670.1 | 697.8 | -4.0 % | -1.9 % |
Operating profit | 28.2 | 65.9 | -57.2 % | -52.6 % |
Interest and other expenses, net | 11.5 | 8.4 | 37.0 % | |
Earnings before income taxes | 16.7 | 57.5 | -70.9 % | -67.9 % |
Provision for income taxes | 11.1 | 17.8 | -37.2 % | |
Net earnings | $ 5.6 | $ 39.7 | -86.0 % | -84.6 % |
Net earnings per share - basic | $ 0.12 | $ 0.82 | -85.5 % | |
Net earnings per share - diluted | $ 0.12 | $ 0.81 | -85.5 % | -84.0 % |
Weighted average shares - basic | 46.8 | 48.3 | -3.1 % | |
Weighted average shares - diluted | 47.3 | 48.9 | -3.3 % | |
(a) | Revenues from services include fees received from our franchise offices of |
ManpowerGroup | ||||
Operating Unit Results | ||||
(In millions) | ||||
Three Months Ended March 31 | ||||
% Variance | ||||
Amount | Constant | |||
2025 | 2024(a) | Reported | Currency | |
(Unaudited) | ||||
Revenues from Services: | ||||
| ||||
United States (b) | $ 688.8 | $ 680.4 | 1.2 % | 1.2 % |
Other Americas | 367.9 | 356.0 | 3.3 % | 13.1 % |
1,056.7 | 1,036.4 | 2.0 % | 5.3 % | |
| ||||
| 965.7 | 1,099.3 | -12.2 % | -9.5 % |
| 397.8 | 404.3 | -1.6 % | 1.4 % |
Other Southern Europe | 470.5 | 477.7 | -1.5 % | 0.7 % |
1,834.0 | 1,981.3 | -7.4 % | -4.8 % | |
| 730.8 | 870.3 | -16.0 % | -14.3 % |
APME | 476.4 | 535.1 | -11.0 % | -9.2 % |
4,097.9 | 4,423.1 | |||
Intercompany Eliminations | (7.6) | (19.8) | ||
$ 4,090.3 | $ 4,403.3 | -7.1 % | -4.6 % | |
Operating Unit Profit (Loss): | ||||
| ||||
| $ 11.3 | $ 12.0 | -5.2 % | -5.2 % |
Other Americas | 14.2 | 14.1 | 0.0 % | 8.0 % |
25.5 | 26.1 | -2.4 % | 2.0 % | |
| ||||
| 21.0 | 32.7 | -35.8 % | -34.2 % |
| 24.6 | 27.4 | -10.4 % | -7.8 % |
Other Southern Europe | 4.6 | 9.8 | -52.9 % | -52.3 % |
50.2 | 69.9 | -28.2 % | -26.4 % | |
| (18.3) | 0.0 | N/A | N/A |
APME | 20.0 | 19.9 | 1.0 % | 2.9 % |
77.4 | 115.9 | |||
Corporate expenses | (41.1) | (41.7) | ||
Intangible asset amortization expense | (8.1) | (8.3) | ||
Operating profit | 28.2 | 65.9 | -57.2 % | -52.6 % |
Interest and other expenses, net (c) | (11.5) | (8.4) | ||
Earnings before income taxes | $ 16.7 | $ 57.5 | ||
(a) Effective January 1, 2025, our segment reporting was realigned to include our | ||||
(b) In | ||||
(c) The components of interest and other expenses, net were: | ||||
2025 | 2024 | |||
Interest expense | $ 22.5 | $ 20.4 | ||
Interest income | (6.9) | (8.1) | ||
Foreign exchange loss | 0.9 | 2.4 | ||
Miscellaneous income, net | (5.0) | (6.3) | ||
$ 11.5 | $ 8.4 | |||
ManpowerGroup | |||
Consolidated Balance Sheets | |||
(In millions) | |||
Mar. 31, | Dec. 31, | ||
2025 | 2024 | ||
(Unaudited) | |||
ASSETS | |||
Current assets: | |||
Cash and cash equivalents | $ 395.0 | $ 509.4 | |
Accounts receivable, net | 4,168.8 | 4,297.2 | |
Prepaid expenses and other assets | 185.9 | 163.7 | |
Total current assets | 4,749.7 | 4,970.3 | |
Other assets: | |||
Goodwill | 1,577.9 | 1,563.4 | |
Intangible assets, net | 479.4 | 486.1 | |
Operating lease right-of-use assets | 381.0 | 361.3 | |
Other assets | 726.9 | 701.5 | |
Total other assets | 3,165.2 | 3,112.3 | |
Property and equipment: | |||
Land, buildings, leasehold improvements and equipment | 511.7 | 488.2 | |
Less: accumulated depreciation and amortization | 389.4 | 369.8 | |
Net property and equipment | 122.3 | 118.4 | |
Total assets | $ 8,037.2 | $ 8,201.0 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||
Current liabilities: | |||
Accounts payable | $ 2,409.6 | $ 2,612.9 | |
Employee compensation payable | 199.8 | 241.1 | |
Accrued payroll taxes and insurance | 594.3 | 615.2 | |
Accrued liabilities | 472.2 | 475.1 | |
Value added taxes payable | 359.7 | 370.8 | |
Short-term operating lease liability | 102.5 | 98.6 | |
Short-term borrowings and current maturities of long-term debt | 100.6 | 23.4 | |
Total current liabilities | 4,238.7 | 4,437.1 | |
Other liabilities: | |||
Long-term debt | 971.4 | 929.4 | |
Long-term operating lease liability | 295.0 | 279.0 | |
Other long-term liabilities | 427.2 | 428.6 | |
Total other liabilities | 1,693.6 | 1,637.0 | |
Shareholders' equity: | |||
ManpowerGroup shareholders' equity | |||
Common stock | 1.2 | 1.2 | |
Capital in excess of par value | 3,552.8 | 3,546.1 | |
Retained earnings | 3,817.9 | 3,812.3 | |
Accumulated other comprehensive loss | (447.1) | (443.0) | |
Treasury stock, at cost | (4,822.0) | (4,791.4) | |
Total ManpowerGroup shareholders' equity | 2,102.8 | 2,125.2 | |
Noncontrolling interests | 2.1 | 1.7 | |
Total shareholders' equity | 2,104.9 | 2,126.9 | |
Total liabilities and shareholders' equity | $ 8,037.2 | $ 8,201.0 | |
ManpowerGroup | |||
Consolidated Statements of Cash Flows | |||
(In millions) | |||
Three Months Ended | |||
March 31, | |||
2025 | 2024 | ||
(Unaudited) | |||
Cash Flows from Operating Activities: | |||
Net earnings | $ 5.6 | $ 39.7 | |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 21.2 | 21.6 | |
Deferred income taxes | 7.3 | 7.5 | |
Provision for doubtful accounts | 1.5 | 2.6 | |
Share-based compensation | 7.6 | 7.5 | |
Changes in operating assets and liabilities: | |||
Accounts receivable | 245.1 | 283.9 | |
Other assets | (34.9) | (62.5) | |
Accounts payable | (265.1) | (69.7) | |
Other liabilities | (141.5) | (114.6) | |
Cash (used in) provided by operating activities | (153.2) | 116.0 | |
Cash Flows from Investing Activities: | |||
Capital expenditures | (13.7) | (11.8) | |
Acquisition of business, net of cash acquired | (1.0) | - | |
Proceeds from the sale of property and equipment | 0.1 | 2.1 | |
Cash used in investing activities | (14.6) | (9.7) | |
Cash Flows from Financing Activities: | |||
Net change in short-term borrowings | 50.7 | 3.7 | |
Net proceeds from revolving debt facility | 26.0 | - | |
Repayments of long-term debt | (0.1) | (0.2) | |
Payments of contingent consideration for acquisition | - | (1.1) | |
Proceeds from share-based awards | - | 0.4 | |
Other share-based award transactions | (5.9) | (10.3) | |
Repurchases of common stock | (25.0) | (50.0) | |
Cash provided by (used in) financing activities | 45.7 | (57.5) | |
Effect of exchange rate changes on cash | 7.7 | (25.3) | |
Change in cash and cash equivalents | (114.4) | 23.5 | |
Cash and cash equivalents, beginning of period | 509.4 | 581.3 | |
Cash and cash equivalents, end of period | $ 395.0 | $ 604.8 | |
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SOURCE ManpowerGroup
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