ManpowerGroup Analysts Cut Their Forecasts After Q3 Earnings

Core Insights - ManpowerGroup reported third-quarter earnings of 83 cents per share, exceeding the analyst consensus estimate of 81 cents per share, and quarterly sales of $4.634 billion, surpassing the estimate of $4.600 billion [1] - The company anticipates fourth-quarter GAAP earnings between 78 cents and 88 cents per share, compared to market estimates of 78 cents per share [1] Financial Performance - The third-quarter earnings of 83 cents per share marked a positive turnaround after 11 consecutive quarters of organic constant currency revenue declines [2] - Quarterly sales reached $4.634 billion, indicating a recovery in demand, particularly in North America and Europe [1][2] Management Commentary - Jonas Prising, Chair & CEO, highlighted the stabilization of demand as a key factor in revenue improvement and emphasized the focus on increasing market share and reducing structural costs [2] - The company expressed confidence in delivering long-term value to stakeholders [2] Market Reaction - Following the earnings announcement, ManpowerGroup shares fell by 5.1%, trading at $33.72 [2] Analyst Ratings and Price Targets - Barclays analyst Manav Patnaik maintained an Equal-Weight rating and reduced the price target from $50 to $42 [5] - UBS analyst Joshua Chan maintained a Neutral rating and lowered the price target from $40 to $39 [5]