ManpowerGroup Inc.(MAN - Free Report) reported better-than-expected second-quarter 2021 results, with earnings and revenues beating the Zacks Consensus Estimate.
Quarterly adjusted earnings of $2.02 per share beat the consensus mark by 68.2% and improved more than 100%. Revenues of $5.28 billion beat the consensus mark by 2%. The top line inched up 41% year over year on a reported basis and 31.3% on a constant-currency (cc) basis.
So far this year, the stock has gained 23.5% compared with 26.8% increase of the industry it belongs to.
Segmental Revenues
Revenues from America totaled $1.04 million, up 24.8% year over year on a reported basis and 22.8% at cc. In the United States, revenues came in at $628.8 million, up 21.9% year over year. In the Other Americas subgroup, revenues of $415.5 million grew 29.6% on a reported basis and 24.3% at cc.
Revenues from Southern Europe were up 64.7% on a reported basis and 51% at cc to $2.42 billion. Revenues from France came in at $1.35 billion, up 83% on a reported basis and 67.3% at cc. Revenues from Italy amounted to $469.1 million, up 74.7% on a reported basis and 59.6% at cc. The Other Southern Europe sub segment generated revenues of $606.5 million, up 30.1% on a reported basis and 20.4% at cc.
Northern Europe revenues moved up 37.5% on a reported basis and 23.1% at cc to $1.19 billion.
APME revenues totaled $619.9 million, up 8.9% on a reported basis and 5.5% at cc.
Operating Performance
Gross profit in the quarter was $860.1 million, up 49.1% year over year on a reported basis and 0.5% at cc. Gross profit margin rose to 49.1% compared with 39.8% in the year-ago quarter.
The company incurred operating profit of $169.9 million against loss of $50 million in the year-ago quarter.
Balance Sheet and Cash Flow
ManpowerGroup, carrying a Zacks Rank #2 (Buy), exited the quarter with cash and cash equivalents balance of $1.46 billion compared with the prior quarter’s $1.52 billion. Long-term debt at the end of the quarter was $1.07 billion compared with $1.06 billion reported in the preceding quarter.
The company generated $54.5 million of cash from operating activities in the quarter, while Capex was $11.9 million.
You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
Guidance
ManpowerGroup expects third-quarter 2021 earnings between $1.86 and $1.94 per share. The Zacks Consensus Estimate of $1.74 lies below the guidance.
Upcoming Releases
Investors interested in the broader Zacks Business Services sector are awaiting second-quarter 2021 earnings reports of key players like Fiserv , Waste Management (WM - Free Report) and IQVIA Holdings (IQV - Free Report) , each of which is slated to report the same on Jul 27.
Free Report – The Bitcoin Profit Phenomenon
Zacks Investment Research has released a Special Report to help you pursue massive profits from the world’s first and largest decentralized form of money.
No guarantees for the future, but in the past three presidential election years, Bitcoin’s returns were as follows: 2012 +272.4%, 2016 +161.1%, and 2020 +302.8%.
Zacks predicts another significant surge. Click below for Bitcoin: A Tumultuous Yet Resilient History.
Download Now – Today It’s FREE >>
ManpowerGroup Inc.(MAN - Free Report) reported better-than-expected second-quarter 2021 results, with earnings and revenues beating the Zacks Consensus Estimate.
Quarterly adjusted earnings of $2.02 per share beat the consensus mark by 68.2% and improved more than 100%. Revenues of $5.28 billion beat the consensus mark by 2%. The top line inched up 41% year over year on a reported basis and 31.3% on a constant-currency (cc) basis.
So far this year, the stock has gained 23.5% compared with 26.8% increase of the industry it belongs to.
Segmental Revenues
Revenues from America totaled $1.04 million, up 24.8% year over year on a reported basis and 22.8% at cc. In the United States, revenues came in at $628.8 million, up 21.9% year over year. In the Other Americas subgroup, revenues of $415.5 million grew 29.6% on a reported basis and 24.3% at cc.
Revenues from Southern Europe were up 64.7% on a reported basis and 51% at cc to $2.42 billion. Revenues from France came in at $1.35 billion, up 83% on a reported basis and 67.3% at cc. Revenues from Italy amounted to $469.1 million, up 74.7% on a reported basis and 59.6% at cc. The Other Southern Europe sub segment generated revenues of $606.5 million, up 30.1% on a reported basis and 20.4% at cc.
Northern Europe revenues moved up 37.5% on a reported basis and 23.1% at cc to $1.19 billion.
APME revenues totaled $619.9 million, up 8.9% on a reported basis and 5.5% at cc.
Operating Performance
Gross profit in the quarter was $860.1 million, up 49.1% year over year on a reported basis and 0.5% at cc. Gross profit margin rose to 49.1% compared with 39.8% in the year-ago quarter.
The company incurred operating profit of $169.9 million against loss of $50 million in the year-ago quarter.
Balance Sheet and Cash Flow
ManpowerGroup, carrying a Zacks Rank #2 (Buy), exited the quarter with cash and cash equivalents balance of $1.46 billion compared with the prior quarter’s $1.52 billion. Long-term debt at the end of the quarter was $1.07 billion compared with $1.06 billion reported in the preceding quarter.
The company generated $54.5 million of cash from operating activities in the quarter, while Capex was $11.9 million.
You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
Guidance
ManpowerGroup expects third-quarter 2021 earnings between $1.86 and $1.94 per share. The Zacks Consensus Estimate of $1.74 lies below the guidance.
Upcoming Releases
Investors interested in the broader Zacks Business Services sector are awaiting second-quarter 2021 earnings reports of key players like Fiserv , Waste Management (WM - Free Report) and IQVIA Holdings (IQV - Free Report) , each of which is slated to report the same on Jul 27.
Free Report – The Bitcoin Profit Phenomenon
Zacks Investment Research has released a Special Report to help you pursue massive profits from the world’s first and largest decentralized form of money.
No guarantees for the future, but in the past three presidential election years, Bitcoin’s returns were as follows: 2012 +272.4%, 2016 +161.1%, and 2020 +302.8%.
Zacks predicts another significant surge. Click below for Bitcoin: A Tumultuous Yet Resilient History.
Download Now – Today It’s FREE >>
Get the latest research report on MAN - FREE
Get the latest research report on WM - FREE
Get the latest research report on IQV - FREE