ManpowerGroup (MAN) stock remained unchanged in premarket trade on Thursday following the release of the job recruitment company's third-quarter earnings report. The company experienced a significant decrease in net income, largely attributed to the low demand in Europe and North America.

In the third quarter, Manpower posted a net income of $30.3 million, or 60 cents per share, reflecting a substantial decline from $111.3 million, or $2.13 per share, in the same period last year. The adjusted earnings per share (EPS), when excluding one-time expenses such as restructuring costs, losses from the sale of its Philippines business, and non-cash currency translation losses in Argentina, were reported at $1.38. This exceeded the $1.35 FactSet consensus.

Despite its adjusted EPS surpassing expectations, the company's revenue fell by 3% to $4.676 billion compared to $4.8001 billion in the previous year, missing the estimated $4.699 billion FactSet consensus.

ManpowerGroup's CEO, Jonas Prising, acknowledged the challenges faced by the recruitment and resourcing industry in North America and Europe. However, he expressed confidence in the company's ability to adapt to the current situation while remaining ready to pivot quickly when conditions improve. Prising highlighted the solid demand witnessed in Latin America and the Asia Pacific Middle East regions.

Looking ahead, ManpowerGroup anticipates its fourth-quarter EPS to range between $1.17 and $1.27, factoring in a one cent impact from currency movements. This prediction falls slightly below the FactSet consensus of $1.36.

Despite the decline in earnings, ManpowerGroup strives to navigate through the difficult operating environment and remains committed to addressing challenges while maintaining its posture for future growth. As of now, the company's stock has declined by 14.4% year-to-date, while the S&P 500 has experienced a 12% gain.

Gear4music Reports Fall in First-Half Revenue

Rivian Automotive Expands Operations in Georgia

Leave A Reply

Your email address will not be published. Required fields are marked *