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ManpowerGroup(MAN) - 2020 Q3 - Earnings Call Transcript
2020-10-20 17:17
Financial Data and Key Metrics Changes - Revenue for Q3 2020 was $4.6 billion, down 14.5% year-over-year in constant currency, but a significant improvement from a 27% decline in Q2 [12][32] - Operating profit was reported at $62 million, with an adjusted operating profit of $117 million, down 38% in constant currency [13][32] - Earnings per diluted share were $0.18, reflecting restructuring charges and other special items, while adjusted earnings per diluted share were $1.20, a decrease of 39% in constant currency [15][35] - Gross profit margin was 15.8%, with a reported operating profit margin of 1.3%, down 280 basis points year-over-year [14][32] Business Line Data and Key Metrics Changes - The Manpower brand accounted for 65% of gross profit, with a 17% decline in organic constant currency gross profit, an improvement from a 37% decline in Q2 [37][38] - Experis brand gross profit declined 19% year-over-year on an organic constant currency basis, slightly better than the 20% decline in Q2 [39] - Talent Solutions saw a 2% decrease in organic gross profit growth in constant currency, a significant improvement from a 12% decline in Q2, driven by career transition activity [40] Market Data and Key Metrics Changes - The Americas segment represented 20% of consolidated revenue, with a revenue decline of 11% in constant currency [43] - Southern Europe revenue was $2.1 billion, down 15% in constant currency, with significant improvements driven by France and Italy [52] - Northern Europe revenue declined 22% in constant currency, with the U.K. and Germany showing significant challenges [60][62] - Asia Pacific Middle East segment revenue decreased 6% in constant currency, with Japan showing a 5% growth [65][66] Company Strategy and Development Direction - The company is focusing on growth through diversification, digitization, and innovation, continuing to invest in these areas despite the pandemic [11][23] - A transformative shift during the crisis has led to an ambitious future transformation strategy, leveraging lessons learned [12][26] - The company is committed to operational and strategic flexibility to navigate the uneven economic recovery [22][79] Management's Comments on Operating Environment and Future Outlook - Management anticipates a two-speed recovery, with some industries rebounding faster than others, particularly technology and logistics [18][20] - The company expects ongoing improvement in the U.S. market, with a projected revenue decline of -8% to -13% in Q4 [49] - Management is cautious about the U.K. market, expecting a slower recovery compared to other regions [108] Other Important Information - Free cash flow for the first nine months of the year was $685 million, with a strong balance sheet showing cash of $1.59 billion and total debt of $1.09 billion [68][70] - The company has a net cash position of $500 million and plans to continue share repurchases [70][72] Q&A Session Summary Question: Clarification on fourth quarter guidance regarding lockdowns - Management clarified that current lockdowns are not significantly impacting business operations, and the guidance does not incorporate risks of new lockdowns [86][87] Question: Insights on employer plans for scaling up - Clients are seeking operational flexibility as they see activity returning, with a notable improvement in permanent recruitment numbers [92][93] Question: Impact of real estate optimization - The company has learned from the pandemic that effective operations can continue remotely, leading to further opportunities for real estate reviews [94] Question: Two-speed recovery and industry exposure - The company has low exposure to heavily impacted industries like hospitality, focusing instead on faster-growing sectors [97][99] Question: Furlough dynamics and temp growth - The furlough dynamic has had a short-term positive effect, allowing for quick ramp-up as demand increases [101] Question: Internal staffing relative to pre-pandemic levels - The company has reduced FTEs by about 11% year-over-year but is bringing back staff as demand increases [105][106] Question: Trends in major countries for Q4 - The U.S. and Italy are showing strong improvement, while the U.K. is lagging behind [108]
ManpowerGroup(MAN) - 2020 Q2 - Quarterly Report
2020-08-07 12:01
United States SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended: Commission file number: 1-10686 MANPOWERGROUP INC. (Exact name of registrant as specified in its charter) | Wisconsin | 39-1672779 | | --- | --- | | (State or other jurisdiction of incorporation) | (IRS Employer Identification No.) | | | | (Address of principal executive offices) (Zip Code) Regis ...
ManpowerGroup(MAN) - 2020 Q2 - Earnings Call Transcript
2020-07-20 19:36
ManpowerGroup Inc. (NYSE:MAN) Q2 2020 Earnings Conference Call July 20, 2020 8:30 AM ET Company Participants Jonas Prising - Chairman and Chief Executive Officer Jack McGinnis - Chief Financial Officer Conference Call Participants Andrew Steinerman - JPMorgan Mark Marcon - Baird Jeff Silber - BMO Capital Markets Hamzah Mazari - Jefferies Kevin McVeigh - Credit Suisse Ryan Leonard - Barclays George Tong - Goldman Sachs Gary Bisbee - Bank of America Tobey Sommer - SunTrust Seth Weber - RBC Capital Markets Dav ...
ManpowerGroup(MAN) - 2020 Q2 - Earnings Call Presentation
2020-07-20 18:03
ManpowerGroup t 2008 12 ManpowerGroup Second Quarter Results | July 20, 2020 FORWARD-LOOKING STATEMENT This presentation contains statements, including statements regarding the anticipated financial and operational impacts of the COVID-19 pandemic and related economic conditions and the Company's efforts to respond to such impacts, that are forward-looking in nature and, accordingly, are subject to risks and uncertainties regarding the Company's expected future results. The Company's actual results may diff ...
ManpowerGroup(MAN) - 2020 Q1 - Quarterly Report
2020-05-08 21:01
United States SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended: March 31, 2020 or ☐ Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from: ______to______ Commission file number: 1-10686 MANPOWERGROUP INC. (Exact name of registrant as specified in its charter) | Wisconsin | 39-1672779 | | --- | ...
ManpowerGroup(MAN) - 2020 Q1 - Earnings Call Transcript
2020-04-21 18:37
ManpowerGroup Inc. (NYSE:MAN) Q1 2020 Earnings Conference Call April 21, 2020 8:30 AM ET Company Participants Jonas Prising - Chairman and Chief Executive Officer Jack McGinnis - Chief Financial Officer Conference Call Participants Michael Cho - JPMorgan Securities LLC Ryan Gunning - Jefferies LLC Jeff Silber - BMO Capital Markets Seth Weber - RBC Capital Markets, LLC Mark Marcon - Robert W. Baird & Co. Inc. Jay Hanna - Bank of America Merrill Lynch Ryan Leonard - Barclays Investment Bank Blake Johnson - Go ...
ManpowerGroup(MAN) - 2020 Q1 - Earnings Call Presentation
2020-04-21 13:01
ManpowerGroup ManpowerGroup First Quarter Results | April 21, 2020 the state FORWARD-LOOKING STATEMENT This presentation contains statements, including statements regarding the anticipated financial and operational impacts of the COVID-19 pandemic and the Company's efforts to respond to such impacts, that are forward-looking in nature and, accordingly, are subject to risks and uncertainties regarding the Company's expected future results. The Company's actual results may differ materially from those describ ...
ManpowerGroup(MAN) - 2019 Q4 - Annual Report
2020-02-21 21:29
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934: For the fiscal year ended December 31, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No. 1-10686 MANPOWERGROUP INC. (Exact name of registrant as specified in its charter) | WISCONSIN | 39-1672779 | | --- | --- | | (State or other jurisdiction of incorporation or organizati ...
ManpowerGroup(MAN) - 2019 Q3 - Quarterly Report
2019-11-01 12:39
United States SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended: September 30, 2019 or ☐ Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from: ______to______ Commission file number: 1-10686 MANPOWERGROUP INC. (Exact name of registrant as specified in its charter) | Wisconsin | 39-1672779 | | -- ...
ManpowerGroup(MAN) - 2019 Q2 - Quarterly Report
2019-08-02 21:15
United States SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended: June 30, 2019 or ☐ Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from: ______to______ Commission file number: 1-10686 MANPOWERGROUP INC. (Exact name of registrant as specified in its charter) | Wisconsin | 39-1672779 | | --- | - ...