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ManpowerGroup(MAN) - 2024 Q4 - Annual Results
MANManpowerGroup(MAN)2025-01-30 12:45

Financial Performance - Net earnings for Q4 2024 were 22.5million,or22.5 million, or 0.47 per diluted share, compared to net losses of 84.5million,or84.5 million, or 1.73 per diluted share, in the prior year period [2]. - Full year 2024 revenues totaled 17.9billion,adecreaseof617.9 billion, a decrease of 6% compared to the prior year, or a decrease of 3% in constant currency [7]. - Net earnings increased by 63.5% to 145.1 million in 2024, compared to 88.8millionin2023[22].−Netearningspershare(diluted)roseto88.8 million in 2023 [22]. - Net earnings per share (diluted) rose to 3.01 in 2024, a 70.6% increase from 1.76in2023[22].−Operatingprofitfor2024was1.76 in 2023 [22]. - Operating profit for 2024 was 306.0 million, reflecting a 19.6% increase from 255.8millionin2023[22].RevenueandProfitMargins−RevenuesforQ42024were255.8 million in 2023 [22]. Revenue and Profit Margins - Revenues for Q4 2024 were 4.4 billion, representing a 5% decrease from the prior year period, and a 3% decrease on a constant currency basis [5]. - Revenues from services for 2024 were 17,853.9million,adecreaseof5.617,853.9 million, a decrease of 5.6% compared to 18,914.5 million in 2023 [22]. - The gross profit margin for Q4 2024 was 17.2%, with staffing margins remaining solid despite a slight decrease [5]. - Gross profit for 2024 was 3,086.8million,down8.13,086.8 million, down 8.1% from 3,358.0 million in 2023 [22]. Cash Flow and Investments - Cash provided by operating activities was 247million,withfreecashflowof247 million, with free cash flow of 236 million for the quarter [4]. - Cash provided by operating activities was 309.2million,adecreasefrom309.2 million, a decrease from 348.2 million in the previous year, reflecting a decline of 11.5% [31]. - Cash used in investing activities totaled 68.2million,slightlydownfrom68.2 million, slightly down from 74.1 million in 2023, indicating a reduction of 3.9% [31]. - Cash used in financing activities decreased to 282.4millionfrom282.4 million from 349.5 million, a reduction of 19.2% [31]. - The company reported a decrease in cash and cash equivalents to 509.4millionattheendoftheperiod,downfrom509.4 million at the end of the period, down from 581.3 million at the beginning, a decline of 12.4% [31]. - Capital expenditures for the year were 51.1million,comparedto51.1 million, compared to 78.2 million in 2023, showing a decrease of 34.6% [31]. Stock and Debt Management - The company repurchased 34millionofcommonstockduringthequarter[5].−Thecompanyrepurchased34 million of common stock during the quarter [5]. - The company repurchased 140.0 million in common stock, down from 179.8millioninthepreviousyear,adecreaseof22.1179.8 million in the previous year, a decrease of 22.1% [31]. - Long-term debt decreased to 929.4 million in 2024 from 990.5millionin2023[29].−Currentliabilitieswere990.5 million in 2023 [29]. - Current liabilities were 4,437.1 million in 2024, down from 4,799.7millionin2023[29].RegionalPerformance−RegionalperformanceshowedachallengingenvironmentinEuropeandNorthAmerica,whileAsiaPacificandLatinAmericaexperiencedgooddemand[5].FutureOutlook−ThecompanyanticipatesdilutedearningspershareforQ12025tobebetween4,799.7 million in 2023 [29]. Regional Performance - Regional performance showed a challenging environment in Europe and North America, while Asia Pacific and Latin America experienced good demand [5]. Future Outlook - The company anticipates diluted earnings per share for Q1 2025 to be between 0.47 and 0.57,includinganestimatedunfavorablecurrencyimpactof6cents[7].−Significantprogresswasmadeinglobaltransformationinitiativesduring2024,withexpectationstocontinuethisprogressin2025[6].ImpairmentsandProvisions−Thegoodwillimpairmentchargefor2023was0.57, including an estimated unfavorable currency impact of 6 cents [7]. - Significant progress was made in global transformation initiatives during 2024, with expectations to continue this progress in 2025 [6]. Impairments and Provisions - The goodwill impairment charge for 2023 was 55.1 million related to the investment in the Netherlands [23]. - The provision for doubtful accounts increased to 9.0millionfrom9.0 million from 5.4 million, reflecting a rise of 66.7% [31]. - The company experienced a loss on sales of subsidiaries of 8.2million,upfrom8.2 million, up from 1.3 million in the previous year, indicating a significant increase in losses [31]. Currency Impact - The impact of exchange rate changes on cash was a loss of 30.5million,contrastingwithagainof30.5 million, contrasting with a gain of 17.7 million in 2023 [31].