• Revenues of $4.8 billion (-8% as reported, -2% constant currency (CC))


• Gross profit margin of 18.2%, up 80 basis points year over year reflecting continued strong pricing discipline and increased outplacement activity in Right Management


• Manpower, Experis and Talent Solutions revenues experienced modest organic CC declines in the quarter driven by the environment in the U.S. and Europe


• Free Cash Flow of $111 million; Repurchased $30 million of common stock


• Strong Balance Sheet positions us well in an uncertain environment

ManpowerGroup (NYSE: MAN) today reported net earnings of $1.51 per diluted share for the three months ended March 31, 2023 compared to $1.68 per diluted share in the prior year period.  Net earnings in the quarter were $77.8 million compared to $91.6 million a year earlier. Revenues for the first quarter were $4.8 billion, an 8% decrease from the prior year period.

The current year quarter included restructuring costs which reduced earnings per share by $0.10 in the first quarter. Excluding these costs, earnings per share was $1.61 per diluted share in the quarter representing a decrease of 7% in constant currency.¹

Financial results in the quarter were also impacted by the stronger U.S. dollar relative to foreign currencies compared to the prior year period, resulting in a 14 cent negative impact to earnings per share in the quarter compared to the prior year. On a constant currency basis, revenues decreased 2% compared to the prior year period.

Days Sales Outstanding improved by 0.5 days year over year reflecting continued focus on collections and working capital efficiency.

Jonas Prising, ManpowerGroup Chairman & CEO, said, "Our first quarter results reflect a challenging operating environment in the U.S. and Europe. Despite a softening demand environment for our brands, labor markets remained strong during the first quarter. Employers are intent on holding on to the staff they have and are hiring new talent more selectively at a measured pace. We continue to adjust our cost base in the parts of our business where demand has decreased.  Our steadfast commitment to our Diversification, Digitization and Innovation initiatives positions us for improved growth when economic conditions strengthen.

We anticipate diluted earnings per share in the second quarter will be between $1.58 and $1.68, which includes an estimated unfavorable currency impact of 3 cents."

SOURCE ManpowerGroup