ManpowerGroup Posts Seven Percent Revenue Gain

April 26, 2021 – ManpowerGroup / (NYSE:MAN) posted first quarter revenues of $4.9 billion, an increase of seven percent from the same period a year ago. This surpassed the Zacks Consensus Estimate by 5.53 percent. Revenue in the U.S. was $609 million, representing a flat trend compared to the prior year. “Our first quarter results reflect a continuation of the global recovery coupled with a strong execution of our strategic initiatives,” said Jonas Prising, chairman and CEO of ManpowerGroup. “Despite increased restrictions in many key markets, we saw improving momentum for all of our brands. The combination of technology investments and our people-first approach is allowing us to confidently manage global uncertainty, deliver locally and collaborate remotely.”

“We are pleased with the progress made during the first quarter of 2021 and remain confident that our diversification, digitization and innovation initiatives are positioning ManpowerGroup for greater profitable growth in the future,” said Mr. Prising.

The Milwaukee-based recruiting company recorded earning of $62 million, or $1.11 per diluted share, compared to net earnings of $1.7 million for the quarter, or $0.3 per diluted share, a year ago. ManpowerGroup said that financial results in the quarter were impacted by the weaker U.S. dollar relative to foreign currencies compared to the prior year period. Earnings per share in the quarter were positively impacted by 6 cents due to changes in foreign currencies compared to the prior year.

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 & 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.”

Looking Ahead

“We anticipate diluted earnings per share in the second quarter will be between $1.36 and $1.44, which includes an estimated favorable currency impact of 10 cents,” said Mr. Prising.

Manpower shares have added about 22 percent since the beginning of the year versus the S&P 500’s gain of 11.4 percent.

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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