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Revenues down 5% YoY at year-end 2019 for ManpowerGroup

ManpowerGroup has released its fourth quarter and full year 2019 results.


ManpowerGroup has reported net earnings of $2.33 per diluted share for the three months ended 31st December 2019 compared to $2.54 per diluted share in the prior year period. Net earnings in the quarter were $138.8m compared to $158.3m a year earlier. Revenues for the fourth quarter were $5.2 billion, a 4% decline from the prior year period. 


Financial results in the quarter were impacted by the stronger US dollar relative to foreign currencies compared to the prior year period. On a constant currency basis, revenues were down 2%. On a constant currency basis, net earnings per diluted share decreased 6%. Earnings per share in the quarter were negatively impacted 5 cents by changes in foreign currencies compared to the prior year. Discrete net tax benefits positively impacted earnings per share by 23 cents in the fourth quarter of 2019.


"We executed well in a slow growth global economy," said Jonas Prising, ManpowerGroup chairman & CEO. "Our fourth quarter performance reflects a challenging revenue environment in Europe, partially offset by growth in the Americas, Right Management and most markets within APME.  While the global economy continues to face a high level of complex trade and geopolitical related risks, there are growth opportunities in this environment for our market leading services and workforce solutions offerings.


"With that, we are excited to announce today's launch of our new brand Talent Solutions, combining three of our current global offerings to leverage our deep expertise in RPO, Tapfin MSP and Right Management. This is how we will continue to deliver new solutions and create added value that addresses our clients' complex global workforce needs.


"We anticipate diluted earnings per share in the first quarter will be between $1.33 and $1.41, which includes an estimated unfavorable currency impact of 3 cents."


Free cash flow in the fourth quarter of $303m represented a significant increase from $156m in the prior year period. At 31st December 2019, days sales outstanding decreased by one day from the prior year. ManpowerGroup repurchased 579 thousand shares of common stock for $51m during the quarter.


Net earnings for the year ended 31st December 2019 were $465.7m, or $7.72 per diluted share compared to net earnings of $556.7m, or $8.56 per diluted share in the prior year. The year to date period included special items and restructuring costs which increased earnings per share by 4 cents and discrete income tax benefits that increased earnings per share by 23 cents. The prior year to date period included restructuring costs which reduced earnings per share by 46 cents. Revenues for the year were $20.9 billion, a decrease of 5% from the prior year or a decrease of 1% in constant currency. Earnings per share for the year were negatively impacted 28 cents by changes in foreign currencies compared to the prior year, or 36 cents excluding the special items and restructuring costs. ManpowerGroup repurchased 2.4m shares of common stock for $203m during the year ended 31st December 2019.


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