The following is a summary of the ManpowerGroup Inc. (MAN) Q1 2024 Earnings Call Transcript:
Financial Performance:
ManpowerGroup's revenue for Q1 2024 was $4.4 billion, a 5% decrease YoY.
Earnings per diluted share were $0.81 on a reported basis and $0.94 on an adjusted basis, a 39% YoY decrease in constant currency.
The adjusted operating profit (EBITA) was $80 million, marking a 38% decline YoY.
The reported net earnings per share were $0.81.
Their gross profit came in at 16.8% in the first quarter of 2024, marking slight improvement.
Business Progress:
ManpowerGroup is investing in digital transformation to adapt to changes in talent demand within industries such as AI, green transition sectors, and digital transformations across various industries.
They've opened a Global Business Services center in Portugal, which aligns with their digitization strategy.
ManpowerGroup has established an Ethical AI Committee to navigate potential AI-related risks.
Despite present challenges in North America and Europe, their outlook for the second quarter of 2024 anticipates earnings per share to be within the range of $1.24 to $1.34.
ManpowerGroup continues to refine their acquisition strategy, primarily focusing on IT resourcing.
They are proactively adjusting staff and resources to mitigate near-term effects and are ready for potential rebounds in their industry.
More details: ManpowerGroup IR
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