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ManpowerGroup (MAN) Q4 Earnings Miss Estimates, Decline Y/Y
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ManpowerGroupInc.’s (MAN - Free Report) fourth-quarter 2022 earnings missed the Zacks Consensus Estimate but revenues met the same.
Quarterly adjusted earnings of $2.08 per share lagged the consensus mark by 2.8% and declined 5.5% year over year. The bottom line was negatively impacted by U.S. acquisition integration costs, restructuring costs and other special items.
Revenues of $4.8 billion decreased 10.7% year over year on a reported basis. Revenues decreased 1% on a constant-currency (cc) basis. Experis was flat year over year and Talent Solutions grew 7%. The Manpower brand decreased 1% year over year.
ManpowerGroup Inc. Price, Consensus and EPS Surprise
Revenues from America totaled $1.18 billion, down 3% year over year on a reported basis but up slightly at cc. In the United States, revenues were $819.4 million, down 4.8% year over year. In the Other Americas sub-group, revenues of $362.6 million increased 1.3% on a reported basis and 13% at cc.
Revenues from Southern Europe were down 11.8% on a reported basis and 1.5% at cc to $2.1 billion. Revenues from France were $1.19 billion, down 9.4% on a reported basis but up 1.5% at cc. Revenues from Italy amounted to $412.5 million, down 11.7% on a reported basis and up 1.1% at cc. The Other Southern Europe sub-segment generated revenues of $493.8 million, down 11.8% on a reported basis and 1.5% at cc.
Northern Europe revenues moved down 17.5% on a reported basis and 5.4% at cc to $972.6 million. APME revenues totaled $578.5 million, down 7.1% on a reported basis but up 8.3% at cc.
Operating Performance
The company incurred an operating profit of $100.8 million, down 39.5% year over year on a reported basis and 28% at cc. The operating profit margin of 2.1% decreased 100 basis points year over year.
Balance Sheet and Cash Flow
ManpowerGroup exited the quarter with a cash and cash equivalent balance of $639 million compared with the prior quarter’s $527.5 million. Long-term debt at the end of the quarter was $26.6 million compared with the $883 million reported in the preceding quarter.
The company generated $134.1 million of cash from operating activities. Capex was $19.7 million in the quarter. It spent $25 million repurchasing common stock in the quarter.
Q4 Outlook
ManpowerGroup expects fourth-quarter 2022 earnings per share of $1.61-$1.71. The guided range is above the Zacks Consensus Estimate of $1.48.
Zacks Rank and Stocks to Consider
Manpower Group currently carries a Zacks Rank #4 (Sell).
Robert Half International Inc. (RHI - Free Report) reported mixed fourth-quarter 2022 results, wherein earnings beat the Zacks Consensus Estimate but revenues missed the same.
Quarterly earnings of $1.37 per share beat the Zacks Consensus Estimate by 1.5% but declined 9.3% year over year. Revenues of $1.73 billion missed the Zacks Consensus Estimate by 0.6% and decreased 2.4% year over year.
Automatic Data Processing, Inc. (ADP - Free Report) reported better-than-expected second-quarter fiscal 2023 results.
Adjusted earnings per share of $1.96 beat the Zacks Consensus Estimate by 0.5% and grew 19% from the year-ago quarter. Total revenues of $4.4 billion beat the Zacks Consensus Estimate by 0.3% and improved 9.1% from the year-ago quarter on a reported basis and 10% on an organic constant-currency basis.
Booz Allen Hamilton Holding Corp. (BAH - Free Report) reported impressive third-quarter fiscal 2023 results, with both earnings and revenues beating the Zacks Consensus Estimate. Quarterly adjusted earnings (excluding 84 cents from non-recurring items) per share of $1.07 beat the Zacks Consensus Estimate by 4.9% and increased 4.9% on a year-over-year basis.
Total revenues of $2.3 billion beat the Zacks Consensus Estimate by 4% and increased 12.1% on a year-over-year basis.
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ManpowerGroup (MAN) Q4 Earnings Miss Estimates, Decline Y/Y
ManpowerGroupInc.’s (MAN - Free Report) fourth-quarter 2022 earnings missed the Zacks Consensus Estimate but revenues met the same.
Quarterly adjusted earnings of $2.08 per share lagged the consensus mark by 2.8% and declined 5.5% year over year. The bottom line was negatively impacted by U.S. acquisition integration costs, restructuring costs and other special items.
Revenues of $4.8 billion decreased 10.7% year over year on a reported basis. Revenues decreased 1% on a constant-currency (cc) basis. Experis was flat year over year and Talent Solutions grew 7%. The Manpower brand decreased 1% year over year.
ManpowerGroup Inc. Price, Consensus and EPS Surprise
ManpowerGroup Inc. price-consensus-eps-surprise-chart | ManpowerGroup Inc. Quote
Segmental Revenues
Revenues from America totaled $1.18 billion, down 3% year over year on a reported basis but up slightly at cc. In the United States, revenues were $819.4 million, down 4.8% year over year. In the Other Americas sub-group, revenues of $362.6 million increased 1.3% on a reported basis and 13% at cc.
Revenues from Southern Europe were down 11.8% on a reported basis and 1.5% at cc to $2.1 billion. Revenues from France were $1.19 billion, down 9.4% on a reported basis but up 1.5% at cc. Revenues from Italy amounted to $412.5 million, down 11.7% on a reported basis and up 1.1% at cc. The Other Southern Europe sub-segment generated revenues of $493.8 million, down 11.8% on a reported basis and 1.5% at cc.
Northern Europe revenues moved down 17.5% on a reported basis and 5.4% at cc to $972.6 million. APME revenues totaled $578.5 million, down 7.1% on a reported basis but up 8.3% at cc.
Operating Performance
The company incurred an operating profit of $100.8 million, down 39.5% year over year on a reported basis and 28% at cc. The operating profit margin of 2.1% decreased 100 basis points year over year.
Balance Sheet and Cash Flow
ManpowerGroup exited the quarter with a cash and cash equivalent balance of $639 million compared with the prior quarter’s $527.5 million. Long-term debt at the end of the quarter was $26.6 million compared with the $883 million reported in the preceding quarter.
The company generated $134.1 million of cash from operating activities. Capex was $19.7 million in the quarter. It spent $25 million repurchasing common stock in the quarter.
Q4 Outlook
ManpowerGroup expects fourth-quarter 2022 earnings per share of $1.61-$1.71. The guided range is above the Zacks Consensus Estimate of $1.48.
Zacks Rank and Stocks to Consider
Manpower Group currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Earnings Snapshots
Robert Half International Inc. (RHI - Free Report) reported mixed fourth-quarter 2022 results, wherein earnings beat the Zacks Consensus Estimate but revenues missed the same.
Quarterly earnings of $1.37 per share beat the Zacks Consensus Estimate by 1.5% but declined 9.3% year over year. Revenues of $1.73 billion missed the Zacks Consensus Estimate by 0.6% and decreased 2.4% year over year.
Automatic Data Processing, Inc. (ADP - Free Report) reported better-than-expected second-quarter fiscal 2023 results.
Adjusted earnings per share of $1.96 beat the Zacks Consensus Estimate by 0.5% and grew 19% from the year-ago quarter. Total revenues of $4.4 billion beat the Zacks Consensus Estimate by 0.3% and improved 9.1% from the year-ago quarter on a reported basis and 10% on an organic constant-currency basis.
Booz Allen Hamilton Holding Corp. (BAH - Free Report) reported impressive third-quarter fiscal 2023 results, with both earnings and revenues beating the Zacks Consensus Estimate. Quarterly adjusted earnings (excluding 84 cents from non-recurring items) per share of $1.07 beat the Zacks Consensus Estimate by 4.9% and increased 4.9% on a year-over-year basis.
Total revenues of $2.3 billion beat the Zacks Consensus Estimate by 4% and increased 12.1% on a year-over-year basis.