FINANCIALS: ManpowerGroup performance hit by challenges in Europe

ManpowerGroup has seen Q4 net earnings and revenue decline year-on-year.

In a statement released late yesterday, the recruitment giant revealed net earnings in the quarter of $158.3m (£120.6m) down from $216.3m in Q4 2017. Q4 2018 revenues of $5.4bn were also down 4% on Q4 2017, with net earnings of $2.54 per diluted share compared to $3.22 per diluted share in Q4 2017.

For the full year, the group posted net earnings of $556.7m or $8.56 per diluted share, compared to net earnings of $545.4m or $8.04 per diluted share in the previous year. This period includes restructuring costs, which reduced earnings per share (EPS) by 46 cents.

Elaborating on the group’s performance, ManpowerGroup chairman and CEO Jonas Prising said: “The fourth quarter results reflect a more challenging environment, particularly in Europe. Our performance demonstrates our capability to respond rapidly, as market dynamics in some parts of the world change.

“We are confident in our ability to manage in a more uncertain environment and believe our market-leading global footprint and extensive portfolio of workforce solutions will continue to serve us well and provide us with opportunities for profitable growth.

“We are anticipating diluted EPS in the first quarter of 2019 to be in the range of $1.30 to $1.38, which includes an estimated unfavourable currency impact of 13 cents,” he added.

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