ManpowerGroup Posts Four Percent Revenue Gain

April 20, 2022 – ManpowerGroup / (NYSE:MAN) posted first quarter revenues of $5.1 billion, an increase of four percent from the year earlier period. The current year quarter included integration costs from the U.S. Experis acquisition and the net loss related to the sale of its Russia business in January.

Revenues from America totaled $1.25 billion, up 24.8 percent year over year on a reported basis. In the U.S., revenues came in at $889.4 million, up 46.1 percent year over year. Revenues from Southern Europe were up 1.6 percent on a reported basis. Revenues from France came in at $1.19 billion, up 0.3 percent. Revenues from Italy amounted to $445 million, up 10.5 percent. Northern Europe revenues moved down 3.5 percent. APME revenues totaled $618.2 million, down 1.5 percent.

“Our first quarter results demonstrate very good execution of our strategic initiatives to improve our business mix and strong demand for our higher margin offerings,” said Jonas Prising, chairman and CEO of ManpowerGroup. “Even with the tragic events unfolding in Ukraine we continue to see good growth opportunities overall for our staffing and workforce solutions services in Europe as well as globally. I am very proud of how our ManpowerGroup teams are bringing our values to life, especially in Poland and neighboring European countries: providing immediate humanitarian support to refugees from Ukraine, acting swiftly to assess, reskill and match them to employment opportunities, and working closely with our clients to advise and redefine roles to help people find work and start new lives.”

“Overall, we made good progress during the first quarter and believe that our focus on profitable growth positions us well in 2022,” said Mr. Prising. “We anticipate diluted earnings per share in the second quarter will be between $2.31 and $2.39, which includes an estimated unfavorable currency impact of 19 cents. Our guidance excludes expected integration costs ranging from $4 million to $6 million.”

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.”

Manpower shares have lost about 8.8 percent since the beginning of the year versus the S&P 500’s decline of 7.9 percent.

Related: Korn Ferry Posts 26 Percent Quarterly Revenue Gain

Contributed by Scott A. Scanlon, Editor-in-Chief; Dale M. Zupsansky, Managing Editor; and Stephen Sawicki, Managing Editor – Hunt Scanlon Media

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