February 7, 2022 – ManpowerGroup / (NYSE:MAN) posted 2021 full-year revenues of $20.7 billion, up 15.1 percent from $18 billion a year ago. The company posted fourth-quarter revenues of $5.4 billion, a decrease of six percent from the year earlier period. All brands recorded revenue growth during the quarter with Experis recording strong 33 percent revenue growth (14 percent), Talent Solutions 10 percent revenue growth (11 percent) and Manpower one percent revenue growth (four percent).
Revenues from America totaled $1.22 billion, up 20 percent year over year on a reported basis. In the U.S., revenues came in at $860.8 million, up 38.5 percent year over year. Revenues from Southern Europe were up 2.3 percent on a reported basis. Revenues from France came in at $1.32 billion, up 1.2 percent on a reported basis. Revenues from Italy amounted to $467.1 million, up 10.3 percent on a reported basis. The other Southern Europe sub segment generated revenues of $595.8 million, down marginally on a reported basis. Northern Europe revenues moved up 7.7 percent. APME revenues totaled $622.6 million, up 6.9 percent.
The company recorded net earnings of $2.02 per diluted share for the three months ended Dec. 31, compared to $1.33 per diluted share in the prior year period. Net earnings in the quarter were $111.1 million compared to $76.2 million a year earlier.
“Our fourth quarter results reflect good growth in higher margin offerings and improved business mix leading to better operating leverage,” said Jonas Prising, chairman and CEO of ManpowerGroup. “Our focus on our diversification, digitization and innovation during the past year positions us well for a successful 2022. The acquisition of ettain is already enhancing the contribution of our IT resourcing capabilities in our Experis business. Talent Solutions delivered strong overall growth with record revenue levels in RPO and MSP during 2021. Ongoing initiatives in the Manpower business are driving significant year over year gross profit margin growth.”
“I thank all our people for their resilience, agility and innovation — providing our clients with the skilled talent and workforce solutions expertise they need more than ever in a strengthening labor market, while finding meaningful work for millions of people,” Mr. Prising said.
ManpowerGroup repurchased $60 million of common stock during the quarter; paid down $75 million of the $150 million incremental borrowing used for its acquisition of ettain group.
New Board Members
ManpowerGroup recently announced that Jean-Philippe Courtois, executive vice president of Microsoft Corp. and president, Microsoft Global Sales, Marketing and Operations; and William P. Gipson, a retired executive at Procter & Gamble, who most recently served as president of enterprise packaging transformation and chief diversity and inclusion officer, have been elected to the company’s board of directors.
“We are delighted to welcome Jean-Philippe and William to the ManpowerGroup board – two impressive executives with significant global experience and innovation acumen,” said Mr. Prising. “Jean-Philippe brings a breadth of expertise in digital transformation, together with a passion for leveraging technology to drive a positive societal impact while enabling people and organizations all around the global to achieve their potential. His extensive experience aligns well with our strategic priorities and will be a great asset as we accelerate our journey to digitize, diversify and innovate.”
“William has an impressive innovation track record driving business transformation and connecting to consumers at scale,” Mr. Prising said. “His deep set of perspectives and experiences leading across different businesses, industries and geographies together with his commitment to accelerating innovation at scale is well aligned with our own priorities and purpose.”
First Quarter Guidance
“We anticipate diluted earnings per share in the first quarter will be between $1.56 and $1.64, which includes an estimated unfavorable currency impact of 10 cents,” said Mr. Prising. “Our guidance excludes ettain integration costs ranging from $4 million to $6 million and the expected loss on sale of our Russia business of $8 million.”
Manpower shares have added about 7.8 percent since the beginning of the year versus the S&P 500’s decline of -5.3 percent.
Contributed by Scott A. Scanlon, Editor-in-Chief; Dale M. Zupsansky, Managing Editor; and Stephen Sawicki, Managing Editor – Hunt Scanlon Media