• Revenues of $4.5 billion (-7% as reported, -3% constant currency)


• Continuation of challenging environment in North America and Europe during the quarter, solid demand in Latin America and Asia-Pacific region


• Gross profit margin of 17.4%. Staffing margins remained solid; permanent recruitment levels stepped down slightly from the previous quarter


• SG&A reduced further during the quarter (-9% as reported, -7% constant currency, -5% constant currency as adjusted¹)


• $27 million of common stock repurchased during the quarter

MILWAUKEE, July 18, 2024 -- Manpower Group (NYSE: MAN) today reported net earnings of $1.24 per diluted share for the three months ended June 30, 2024 compared to net earnings of $1.29 per diluted share in the prior year period.  Net earnings in the quarter were $60.1 million compared to net earnings of $65.2 million a year earlier. Revenues for the first quarter were $4.5 billion, a 7% decrease from the prior year period.

The quarter included final run-off losses related to the Proservia Germany business. These losses reduced earnings per share by $0.06 in the second quarter. Excluding these losses, earnings per share was $1.30 per diluted share in the quarter representing a decrease of 12% in constant currency.²

Financial results in the quarter were also impacted by the U.S. dollar relative to foreign currencies compared to the prior year period. The second quarter earnings per share guidance estimated a negative 7 cents foreign currency impact and the actual impact was slightly worse at negative 8 cents. On a constant currency basis, revenues decreased 3% compared to the prior year period.

Jonas Prising, ManpowerGroup Chairman & CEO, said, "Employers in North America and Europe continue to remain cautious.  Permanent recruitment activity softened slightly further from the previous quarter, while staffing and solutions activity remained relatively stable across most of our large markets. We continue to prioritize the execution of our strategic initiatives and driving sales activities while balancing costs to align with the current operating environment.

We anticipate diluted earnings per share in the third quarter will be between $1.25 and $1.35, which includes an estimated unfavorable currency impact of 5 cents.  Our guidance excludes any restructuring costs and any Argentina related impact of non-cash currency translation losses."

Net earnings for the six months ended June 30, 2024 were $99.8 million, or net earnings of $2.05 per diluted share compared to net earnings of $143.0 million, or net earnings of $2.80 per diluted share in the prior year, respectively. The current year to date period included run-off losses related to the Proservia Germany business and Argentina hyperinflationary related non-cash currency translation losses which reduced earnings per share by 20 cents. Excluding the net impact of these charges, earnings per share for the six-month period was $2.25 per diluted share representing a decrease of 26% in constant currency.³ Revenues for the six-month period were $8.9 billion, representing a decrease of 7% compared to the prior year or a decrease of 4% in constant currency. Earnings per share for the six-month period were negatively impacted by 12 cents due to changes in foreign currencies compared to the prior year.

In conjunction with its second quarter earnings release, ManpowerGroup will broadcast its conference call live over the Internet on July 18, 2024 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 2024 ManpowerGroup was named one of the World's Most Ethical Companies for the 15^th 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 economic and geopolitical uncertainty, trends in labor demand and the future strengthening of such demand, financial outlook, and the Company's strategic initiatives and technology investments 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, 2023, 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.