MILWAUKEE, July 20, 2023 -- ManpowerGroup (NYSE: MAN) today reported net earnings of $1.29 per diluted share for the three months ended June 30, 2023 compared to $2.29 per diluted share in the prior year period.  Net earnings in the quarter were $65.2 million compared to $122.2 million a year earlier. Revenues for the second quarter were $4.9 billion, a 4% decrease from the prior year period.

The current year quarter included restructuring costs and Argentina related non-cash currency translation losses which reduced earnings per share by $0.29 in the current quarter. Excluding these costs, earnings per share was $1.58 per diluted share in the quarter representing a decrease of 31% in constant currency. Argentina is required to be treated as a hyperinflationary economy and the currency translation losses reflect the devaluation of the Argentine peso during the quarter.

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 4 cent negative impact to earnings per share in the quarter compared to the prior year. On a constant currency basis, revenues decreased 3% compared to the prior year period. The foreign currency impact to earnings per share represented an additional 1 cent negative impact than was anticipated in our second quarter guidance.

Jonas Prising, ManpowerGroup Chairman & CEO, said, "Our second quarter results reflect a challenging operating environment for recruitment and resourcing in the U.S. and Europe. However, we continued to see demand in certain segments within these markets and ongoing strength in Latin America and Asia Pacific Middle East.  We are prioritizing improved productivity and the advancement of our strategic initiatives to position us well for strong performance when market conditions improve.

As we start the third quarter, we have made the decision to wind down our Proservia managed services business in Germany. Although a difficult decision, this outsourcing business is not part of our go-forward strategy and will improve the profitability of our Northern Europe business going forward.

We anticipate diluted earnings per share in the third quarter will be between $1.32 and $1.42, which includes an estimated favorable currency impact of 8 cents.  Our guidance excludes expected restructuring costs and the aforementioned Argentina related impact of non-cash currency translation losses."

Net earnings for the six months ended June 30, 2023 were $143.0 million, or net earnings of $2.80 per diluted share compared to net earnings of $213.8 million, or net earnings of $3.97 per diluted share in the prior year, respectively. The current year to date period included restructuring costs and the aforementioned Argentina related non-cash currency translation losses which reduced earnings per share by 39 cents. Excluding the net impact of these charges, earnings per share for the six-month period was $3.19 per diluted share representing a decrease of 20% in constant currency. Revenues for the six-month period were $9.6 billion, representing a decrease of 6% compared to the prior year or a decrease of 3% in constant currency. Earnings per share for the six-month period were negatively impacted by 18 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 20, 2023 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 Manpower Group.

Supplemental financial information referenced in the conference call can be found at Manpower Group.

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 2023 ManpowerGroup was named one of the World's Most Ethical Companies for the 14th time – all confirming our position as the brand of choice for in-demand talent.

SOURCE Manpower Group