ManpowerGroup reported net earnings of $0.47 per diluted share for the third quarter ended September 30, 2024, a decrease from $0.60 per diluted share in the prior year period. Net earnings for the quarter were $22.8 million, down from $30.3 million a year earlier.
Revenues for the third quarter decreased 3% from the prior year period to $4.5 billion, representing a 2% decline on a constant currency basis. Excluding restructuring costs and a discrete tax item, which reduced EPS by $0.82, adjusted earnings per share was $1.29, an 8% decrease in constant currency.
Jonas Prising, ManpowerGroup Chairman & CEO, noted that the operating environment in North America and Europe remained cautious, with demand levels largely stabilized at lower levels. The company took additional cost actions based on the extended duration of the current operating environment.
For the fourth quarter, ManpowerGroup anticipates diluted earnings per share to be between $0.98 and $1.08, which includes an estimated unfavorable currency impact of 1 cent and excludes any restructuring costs or Argentina-related impacts. This guidance reflects continued market weakness.
For the nine months ended September 30, 2024, net earnings were $122.6 million, or $2.53 per diluted share, compared to $173.3 million, or $3.42 per diluted share, in the prior year. Revenues for the nine-month period were $13.5 billion, a 6% decrease compared to the prior year, or a 4% decrease in constant currency.
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