Core Insights - ManpowerGroup has declared a semi-annual dividend of $0.72 per share, payable on December 15, 2025, to shareholders of record as of December 1, 2025 [1] - The company is recognized as a leading global workforce solutions provider, operating for over 75 years and serving hundreds of thousands of organizations across more than 70 countries [2] - ManpowerGroup has been consistently acknowledged for its workplace culture, being named one of the World's Most Ethical Companies for the 16th time in 2025 [2] Financial Information - The declared dividend reflects the company's ongoing commitment to returning value to shareholders [1] - Additional financial details, including stock history and annual reports, are available on the company's investor relations website [1] Industry Context - The workforce solutions industry is facing challenges with 40% of today's skills expected to become obsolete within five years, emphasizing the critical need for career development [3] - The rise of AI and workforce transformation is reshaping the business landscape, making employee growth essential for business resilience [3]

Core Insights - Robert Half International Inc. (RHI) reported third-quarter fiscal 2026 results, with earnings and revenues meeting the Zacks Consensus Estimate, but the stock has not shown significant movement since the earnings release on October 22 [1] Financial Performance - Quarterly earnings were 43 cents per share, matching the consensus but declining 32.8% year over year [1][10] - Revenues totaled $1.35 billion, in line with the consensus but down 7.5% year over year [1][10] Segment Performance - Talent Solutions revenues were $856.35 million, a decrease of 11% year over year, falling short of the estimate of $914.2 million [3] - U.S. Talent Solutions revenues were $649 million, down 11% year over year, while non-U.S. revenues declined 12% to $207 million [3] - Protiviti revenues were $498 million, down 3% year over year and below the expectation of $503.1 million [4] - U.S. Protiviti revenues decreased 6% to $398 million, while non-U.S. revenues increased 8% to $100 million [4] Currency Impact - Currency exchange rate movements contributed an increase of $9 million to total revenues year over year, with $6 million attributed to both Talent Solutions and Protiviti [5] Profitability Metrics - Adjusted gross profit was $514.65 million, down 10.9% year over year, with a gross profit margin of 38.9%, remaining flat year over year [6] Balance Sheet and Cash Flow - The company ended the quarter with cash and cash equivalents of $365.3 million, down from $570.47 million in the third quarter of 2024 [7] - Cash flow from operations was $77 million, with capital expenditures of $41.4 million and $59 million paid out in dividends [7] Future Guidance - For Q4 2025, RHI expects revenues between $1.245 billion and $1.345 billion, with an EPS forecast of 25 to 35 cents [8] - The midpoint of the revenue guidance is slightly above the current Zacks Consensus Estimate of $1.29 billion [8] - Capital expenditures for Q4 are projected to be between $15 million and $25 million [9] - For 2025, total capital expenditures are expected to range from $75 million to $90 million [11]

Financial Data and Key Metrics Changes - Global enterprise revenues for Q3 2025 were $1.354 billion, down 8% year-over-year on both reported and adjusted bases [3][4] - Net income per share decreased to $0.43 from $0.64 in the same quarter last year [4] - Cash flow from operations was $77 million, with a cash dividend of $0.59 per share distributed, totaling $59 million [5] Business Line Data and Key Metrics Changes - Talent Solutions revenues were $649 million in the U.S., down 11% year-over-year, while non-U.S. revenues were $207 million, down 12% [6] - Protiviti's global revenues were $498 million, with U.S. revenues at $398 million (down 6%) and non-U.S. revenues at $100 million (up 8%) [7] - Contract Talent Solutions bill rates increased by 3.7% compared to the previous year [7] Market Data and Key Metrics Changes - The third quarter had 64.2 billing days compared to 64.1 in the same quarter last year, while the fourth quarter is expected to have 61.4 billing days [6] - Currency exchange rate movements positively impacted reported revenues by $9 million year-over-year [6] Company Strategy and Development Direction - The company aims to capitalize on emerging opportunities in staffing and consulting services, leveraging its brand, technology, and talent [5][16] - Protiviti's growth rates are expected to improve, with a focus on returning to double-digit operating margins in the future [44] Management's Comments on Operating Environment and Future Outlook - Management noted early signs of improvement in the macroeconomic environment, with increased client discussions about staffing and hiring [16] - The company remains committed to its dividend policy, with free cash flow covering the dividend despite recent downturns in the staffing industry [25][27] Other Important Information - The company has $360 million in cash on the balance sheet, providing a cushion for dividend commitments [25] - The tax rate for Q3 was 33%, up from 31% the previous year, due to non-deductible expenses [10] Q&A Session Summary Question: Update on Protiviti's pipeline and pricing - Management confirmed that the pipeline is growing, but projects are shifting from large to smaller, less efficient ones, impacting margins [22][23] Question: Sustainability of the dividend - The company remains committed to the dividend, with free cash flow covering it and a strong cash position [25][27] Question: Fourth quarter revenue guidance - The guidance is described as conservative, with expectations for slight sequential growth [30] Question: Trends in permanent versus contract placements - Permanent placements are currently performing better than contract placements, which is counterintuitive given historical trends [36] Question: Protiviti's gross margin compression - Gross margin compression is attributed to inflation, project mix, and competitive pressures in the consulting market [41][42] Question: Long-term operating margin opportunities - The company is focused on improving margins through skill enhancement and technology investments [48][49] Question: Impact of government shutdown on revenue - The federal government contributes less than 0.5% to total revenue, with no significant impact expected from the shutdown [51] Question: AI's impact on the labor market - Management believes AI has not significantly impacted the staffing industry, with trends indicating stability in experienced roles [56][66]

Financial Data and Key Metrics Changes - Global enterprise revenues for Q3 2025 were $1.354 billion, down 8% year-over-year on both reported and adjusted bases [3][4] - Net income per share decreased to $0.43 from $0.64 in the same quarter last year [4] - Cash flow from operations was $77 million, with a cash dividend of $0.59 per share distributed, totaling $59 million [5] Business Line Data and Key Metrics Changes - Talent Solutions revenues were $649 million in the U.S., down 11% year-over-year, while non-U.S. revenues were $207 million, down 12% [6] - Protiviti's global revenues were $498 million, with U.S. revenues at $398 million (down 6%) and non-U.S. revenues at $100 million (up 8%) [7] - Contract Talent Solutions bill rates increased by 3.7% compared to the previous year [7] Market Data and Key Metrics Changes - The third quarter had 64.2 billing days compared to 64.1 in the same quarter last year, while the fourth quarter is expected to have 61.4 billing days [6] - Currency exchange rate movements positively impacted reported revenues by $9 million [6] Company Strategy and Development Direction - The company aims to capitalize on emerging opportunities in staffing and consulting services, leveraging its brand, technology, and talent [5][15] - Protiviti's pipeline is growing, and the company expects improvements in growth rates in Q4 [17][42] Management's Comments on Operating Environment and Future Outlook - Management noted early signs of improvement in the macroeconomic environment, with increased client discussions about staffing and hiring [15][16] - The company remains committed to its dividend policy, with free cash flow covering the dividend despite recent downturns in the staffing industry [25][26] Other Important Information - The adjusted operating income for Q3 was $61 million, or 4.5% of revenue, with a tax rate of 33% [10][12] - The company has $360 million in cash on the balance sheet, providing a cushion for future operations [25] Q&A Session Summary Question: Regarding Protiviti's pipeline and project materialization - Management confirmed that the pipeline is growing and projects are materializing as expected, though they are replacing larger projects with smaller ones, impacting efficiency [21][22] Question: Sustainability of the dividend - Management emphasized the importance of the dividend and confirmed that free cash flow currently covers it, with a commitment to return cash to shareholders [25][26] Question: Fourth quarter revenue guidance - Management described the fourth quarter guidance as conservative, with expectations for slight sequential growth [29] Question: Trends in permanent placement versus contract - Management noted that permanent placements are currently performing better than contract placements, which is counterintuitive but reflects current market dynamics [36] Question: Protiviti's gross margin compression - Management attributed gross margin compression to inflation, competitive pressures, and a shift to smaller, lower-margin projects [42][43] Question: Long-term operating margin opportunities - Management highlighted the importance of moving up the skill curve and leveraging technology to improve margins over the next cycle [48][49] Question: Impact of government shutdown on revenue - Management indicated that the federal government contributes less than half of 1% to revenue, and no significant impact from the shutdown is expected [51] Question: AI's impact on the labor market - Management expressed confidence that AI has not significantly impacted the staffing industry, attributing recent downturns to client caution and reduced contractor usage [56][65]

Financial Data and Key Metrics Changes - Global enterprise revenues for Q3 2025 were $1,354 million, down 8% from the same quarter last year on both reported and adjusted bases [4] - Net income per share in Q3 was $0.43 compared to $0.64 in Q3 2024 [4] - Cash flow from operations during the quarter was $77 million, with a cash dividend of $0.59 per share distributed to shareholders, totaling $59 million [6] Business Line Data and Key Metrics Changes - Talent Solutions revenues were down 11% year over year, with U.S. revenues at $649 million and non-U.S. revenues at $207 million [7] - Protiviti's global revenues in Q3 were $498 million, with U.S. revenues at $398 million and non-U.S. revenues at $100 million, reflecting a 3% decline year over year [9][10] - Gross margin for Contract Talent Solutions was 38.9%, unchanged from the previous year, while Protiviti's gross margin was 20.9%, down from 24.6% [11][12] Market Data and Key Metrics Changes - There were 64.2 billing days in Q3 2025 compared to 64.1 billing days in Q3 2024 [8] - Currency exchange rate movements increased reported total revenues by $9 million year over year [8] Company Strategy and Development Direction - The company aims to capitalize on emerging opportunities in talent and consulting services, leveraging its industry-leading brand and technology [5] - The strategic use of contract professionals sourced through Talent Solutions is seen as a vital contributor to Protiviti's success [24] Management's Comments on Operating Environment and Future Outlook - Management noted early signs of improvement in the macroeconomic environment, with increased client discussions about staffing and hiring [22] - The company remains committed to returning free cash flow to investors, emphasizing the importance of maintaining the dividend [31][34] Other Important Information - The fourth quarter revenue guidance is set between $1,245 million and $1,345 million, reflecting a return to positive adjusted sequential growth for the first time in thirteen quarters [17] - The company has $360 million in cash on the balance sheet, providing a cushion for dividend commitments [33] Q&A Session Summary Question: Regarding Protiviti's pipeline and project materialization - Management confirmed that the pipeline is growing and projects are materializing as expected, though they are replacing larger projects with smaller ones, impacting efficiency [28][30] Question: Commitment to the dividend amidst revenue trends - Management reiterated the importance of the dividend, stating that free cash flow covers it and they remain committed to returning cash to investors [31][34] Question: Fourth quarter revenue guidance description - Management described the fourth quarter guidance as conservative, noting that it reflects a cushion based on recent revenue trends [37][38] Question: Dynamics affecting Protiviti's margins - Management explained that gross margin compression is due to a mix shift towards shorter projects and the reallocation of full-time employees to contractor roles [30][56] Question: Long-term operating margin opportunities - Management expressed confidence in achieving higher operating margins through investments in technology and improving skill levels within Talent Solutions [61][63] Question: Impact of government shutdown on public sector revenue - Management indicated that federal government revenue is less than half of 1% of total revenue, with no expected impact from the shutdown [65] Question: Weekly growth trends in contract talent revenues - Management reported a sequential growth rate of approximately 1.5% in early October, which supports their fourth quarter guidance [68] Question: AI's impact on labor costs and the company - Management noted that while AI is being discussed, its impact on the labor market has been minimal, particularly for experienced roles [70][81] Question: Capital allocation policy regarding dividends and share repurchases - Management clarified that free cash flow is primarily allocated to dividends, with any residual available for share repurchases [84][96]

Financial Data and Key Metrics Changes - Global enterprise revenues for Q3 2025 were $1.354 billion, down 8% year-over-year on both reported and adjusted bases [3][4] - Net income per share decreased to $0.43 from $0.64 in the same quarter last year [4] - Cash flow from operations was $77 million, with a cash dividend of $0.59 per share distributed, totaling $59 million [5] Business Line Data and Key Metrics Changes - Talent Solutions revenues were down 11% year-over-year, with U.S. revenues at $649 million and non-U.S. revenues at $207 million [6][8] - Protiviti's global revenues were $498 million, with U.S. revenues at $398 million (down 6%) and non-U.S. revenues at $100 million (up 8%) [8] - Contract Talent Solutions bill rates increased by 3.7% compared to the previous year [8] Market Data and Key Metrics Changes - The third quarter had 64.2 billing days compared to 64.1 in the same quarter last year, while the fourth quarter is expected to have 61.4 billing days [6] - Currency exchange rate movements positively impacted reported revenues by $9 million [7] Company Strategy and Development Direction - The company aims to capitalize on emerging opportunities in staffing and consulting services, leveraging its brand and technology [5][17] - Protiviti is expected to improve its growth rates in Q4, with a focus on returning to double-digit operating margins in the future [41][42] Management's Comments on Operating Environment and Future Outlook - Management noted early signs of improvement in the macroeconomic environment, with increased client discussions about staffing and hiring [17][18] - The company remains committed to its dividend, with free cash flow covering it despite recent downturns in the staffing industry [26][66] Other Important Information - The company has $360 million in cash on its balance sheet, providing a cushion for dividend commitments [26] - The fourth quarter revenue guidance is set between $1.245 billion and $1.345 billion, reflecting a return to positive adjusted sequential growth [13][14] Q&A Session Summary Question: Regarding Protiviti's pipeline and project materialization - Management confirmed that the pipeline is growing and projects are materializing as expected, though there is a shift to smaller, less efficient projects [22][24] Question: Sustainability of the dividend - The company emphasized its commitment to the dividend, stating that free cash flow currently covers it and there is a significant cash reserve [25][26] Question: Fourth quarter revenue guidance description - Management described the fourth quarter guidance as conservative, with expectations for slight sequential growth [30] Question: Dynamics affecting Protiviti's margins - Management explained that gross margin compression is due to project mix and competitive pricing pressures, but they expect improvements in 2026 [41][42] Question: Long-term operating margin opportunities - The company is focused on improving skill levels and leveraging technology to enhance margins in the coming years [46][47] Question: Impact of government shutdown on revenue - The company reported minimal impact from the government shutdown, with government revenue comprising less than 5% of total revenue [48] Question: Trends between enterprise and SMB customers - Enterprise clients have shown better results compared to SMB clients, which is a consistent trend [78]

Financial Data and Key Metrics Changes - Reported revenue for the quarter was $4.6 billion, down 2% year-over-year in constant currency, while system-wide revenue was $4.9 billion [7][11] - Reported EBITDA for the quarter was $74 million, with adjusted EBITDA at $96 million, representing a decrease of 22% in constant currency year-over-year [7][8] - Adjusted earnings per share decreased by 39% year-over-year in constant currency, with reported EPS at $0.38 and adjusted EPS at $0.83 [8][12] Business Line Data and Key Metrics Changes - The Manpower brand experienced a 3% growth year-over-year on an organic constant currency basis, while Experis declined by 7% and Talent Solutions declined by 8% [14] - Gross profit margin for the quarter was 16.6%, with staffing margin contributing a 40 basis point reduction due to a shift towards enterprise accounts [14][16] - The consolidated gross profit decreased by 4% on an organic constant currency basis year-over-year, with Manpower brand reporting flat gross profit [15] Market Data and Key Metrics Changes - Revenue in the Americas segment was $1.1 billion, representing a 6% year-over-year increase on a constant currency basis [17] - Southern Europe revenue was $2.2 billion, reflecting a 1% decrease in organic constant currency [20] - The Asia-Pacific Middle East segment saw revenues of $521 million, representing an 8% increase in organic constant currency [23] Company Strategy and Development Direction - The company is focused on digitization and standardization across operations, with significant progress in global business services initiatives [28][29] - The implementation of AI, particularly the Sophie AI platform, is expected to enhance operational efficiency and client outcomes [30][56] - The company aims to balance cost containment with strategic investments to strengthen capabilities and expand margins [9][29] Management's Comments on Operating Environment and Future Outlook - Management noted a cautious hiring environment with stabilization signs, particularly in North America and Europe, despite geopolitical tensions [4][9] - The outlook for the fourth quarter anticipates ongoing stability in most markets, with EPS guidance in the range of $0.78 - $0.88 [26] - There is cautious optimism for improved economic conditions in 2026, particularly in Europe and North America [46] Other Important Information - Free cash flow for the quarter was $45 million, down from $67 million in the prior year, with capital expenditures at $15 million [24][25] - The company ended the quarter with cash of $275 million and total debt of $1.2 billion, reflecting an improvement in net debt [25] Q&A Session Summary Question: When business confidence improves, would there be an early cycle pickup in flexible staffing volumes? - Management indicated that the current labor market is "frozen," with little hiring or workforce reductions, but there are signs of stabilization and potential growth if employer confidence returns [33][34] Question: Can you discuss the trends seen in the quarter and any volatility due to economic conditions? - Management noted improvements in France and Italy, with stable performance in the U.S., although some volatility was observed due to previous large RPO volumes [38][40] Question: Are there any price pressures or mix issues impacting gross profit? - Management confirmed that the primary driver of staffing margin pressure is the mix shift towards enterprise clients, with no significant pricing changes observed [42][43] Question: How is political turmoil in France impacting business sentiment? - Management acknowledged that while political uncertainty is not helpful, clients are navigating the environment pragmatically and focusing on talent investments [71][73] Question: What are the drivers of blue-collar staffing outperforming white-collar staffing? - Management attributed the outperformance of the Manpower brand to improving PMI and employer resilience, while noting that the Experis brand is impacted by slower traditional IT project investments [79][81]

Core Insights - ManpowerGroup reported a net earnings per diluted share of $0.38 for Q3 2025, down from $0.47 in the same period last year, with net earnings of $18.0 million compared to $22.8 million a year earlier [1][2] - Revenues for the third quarter reached $4.6 billion, reflecting a 2% increase from the prior year [1][12] - The company faced restructuring costs and currency translation losses due to hyperinflation in Argentina, which significantly impacted earnings per share [2][5] Financial Performance - The third quarter's earnings per share, excluding restructuring costs and currency losses, was $0.83, indicating a 39% decrease in constant currency [2] - On a constant currency basis, revenues decreased by 2%, while organic constant currency revenues increased by 1% compared to the prior year [3][12] - For the nine months ended September 30, 2025, net losses were $43.5 million, or $0.93 per basic share, compared to net earnings of $122.6 million, or $2.53 per diluted share in the prior year [5][16] Operational Highlights - The company experienced stabilization in demand in North America and Europe, contributing to improved revenue trends after 11 consecutive quarters of declines [4] - The gross profit margin for Q3 was 16.6%, affected by lower recruitment activity and a shift in business mix [12] - Selling and administrative expenses decreased year-over-year due to additional restructuring actions taken during the quarter [12] Future Outlook - ManpowerGroup anticipates diluted earnings per share for Q4 2025 to be between $0.78 and $0.88, factoring in an estimated favorable currency impact of 8 cents [5] - The company is focused on increasing market share and driving efficiency through structural cost removal initiatives [4]

Core Viewpoint - Robert Half's recent earnings report shows a mixed performance with earnings and revenues beating estimates, but significant year-over-year declines raise concerns about future performance [2][10]. Financial Performance - Q2 fiscal 2026 earnings were reported at 41 cents per share, exceeding the consensus estimate by 2.5%, but down 37.9% year-over-year [2]. - Revenues for the quarter reached $1.37 billion, surpassing the consensus by 1.4%, yet reflecting a 7% decline year-over-year [2]. Segment Performance - Talent Solutions revenues were $874.521 million, down 11.3% year-over-year and below the estimate of $914.2 million [3]. - U.S. Talent Solutions revenues were $668 million, a decrease of 11% year-over-year [3]. - Protiviti revenues were $495.2 million, up 2% year-over-year but below expectations [4]. - U.S. Protiviti revenues decreased by 1% year-over-year, while non-U.S. revenues increased by 11% [4]. Currency Impact - Currency exchange rate movements contributed an additional $8 million to total revenues year-over-year, with $4 million attributed to both Talent Solutions and Protiviti [5]. Profitability Metrics - Adjusted gross profit was $522.3 million, down 9.9% year-over-year, with a gross profit margin of 39.1%, declining by 210 basis points [6]. Balance Sheet and Cash Flow - The company ended the quarter with cash and cash equivalents of $380.6 million, down from $547.4 million in the same quarter of the previous year [7]. - Operating cash flow was $119 million, with capital expenditures of $15.2 million and $59 million paid out in dividends [7]. Future Guidance - For Q3 2025, Robert Half expects revenues between $1.31 billion and $1.41 billion, with EPS projected between 37 cents and 47 cents [8]. - Capital expenditures for 2025 are anticipated to be between $75 million and $90 million, with $15 million to $25 million expected in Q3 [9]. Estimate Trends - Since the earnings release, there has been a downward trend in estimates, with a consensus estimate shift of -20.19% [10][11]. VGM Scores - Robert Half holds a Growth Score of B, a Momentum Score of C, and a Value Score of A, placing it in the top 20% for value investment strategy [12]. Overall Outlook - The overall trend in estimates indicates a downward shift, leading to a Zacks Rank of 4 (Sell), suggesting below-average returns in the coming months [13].

Core Viewpoint - Kelly Services reported a mixed financial performance for Q2 2025, with revenue growth driven by acquisitions but organic revenue decline due to reduced demand in certain sectors [3][6][9]. Financial Performance - Q2 2025 revenue reached $1.1 billion, a 4.2% increase year-over-year, primarily due to the acquisition of Motion Recruitment Partners, LLC [3][9]. - On an organic basis, revenue decreased by 3.3%, with a notable decline in demand for U.S. federal government contractors [3][6]. - Operating earnings for Q2 2025 were $22.2 million, up from $12.2 million in Q2 2024, while adjusted earnings were $24.6 million compared to $28.1 million in the prior year [4][5][9]. - Adjusted EBITDA for Q2 2025 was $37.0 million, down 8.7% from the previous year, with an adjusted EBITDA margin of 3.4%, a decrease of 40 basis points [4][9]. Earnings Per Share - Earnings per share (EPS) for Q2 2025 were $0.52, significantly higher than $0.12 in Q2 2024. Adjusted EPS was $0.54, down from $0.71 year-over-year [5][9]. Year-to-Date Performance - For the 26-week period ending June 29, 2025, revenue totaled $2.3 billion, a 7.8% increase compared to the same period in 2024, again driven by the MRP acquisition [6][8]. - Year-to-date operating earnings were $33.0 million, down from $39.0 million in 2024, with adjusted earnings of $46.7 million compared to $51.2 million in the prior year [7][8]. Segment Performance - The Education segment showed growth of 5.6% in Q2 2025, while the Science, Engineering & Technology segment reported a 19.4% increase in revenue [21][22]. - The Enterprise Talent Management segment experienced a revenue decline of 3.9% in Q2 2025 compared to the previous year [21][22]. Dividend Declaration - The board of directors declared a quarterly cash dividend of $0.075 per share, payable on September 3, 2025 [11]. Leadership Transition - Kelly announced the appointment of Nick Zuhlke as the new Chief Accounting Officer, effective August 11, 2025, succeeding Laura Lockhart [13].