Free Post Earnings Research Report: ManpowerGroup’s Revenues Surged 9.3%; EPS Jumped 26.2%

Stock Monitor: ASGN Inc. Post Earnings Reporting

LONDON, UK / ACCESSWIRE / July 30, 2018 /

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Earnings Highlights and Summary

For the second quarter ended June 30, 2018, ManpowerGroup’s revenues advanced 9.3% to $5.66 billion compared to $5.17 billion in Q2 FY17. The Company’s revenue numbers lagged analysts’ estimates of $5.87 billion.

During Q2 FY18, ManpowerGroup incurred cost of services of $4.73 billion versus $4.31 billion in Q2 FY17, increasing 9.8% on a y-o-y basis. The Company’s gross profit advanced 7.1% to $922.7 million in the reported quarter compared to $861.7 million in the same period of the prior fiscal year.

For the reported quarter, ManpowerGroup’s selling, general, and administrative expenses (SG&A) rose 7.2% to $714.4 million from $666.5 million in year earlier comparable quarter. The Company’s operating profit soared 6.7% to $208.3 million in Q2 FY18 compared to $195.2 million in Q2 FY17.

ManpowerGroup’s net earnings scaled 22.6% to $143.4 million in the reported quarter compared to $117.0 million in prior year’s corresponding period. The Company posted diluted earnings per share (EPS) of $2.17 in Q2 FY18 compared to $1.72 in Q2 FY17, increasing 26.2% on a y-o-y basis. For the reported quarter, the Company’s restructuring costs reduced its EPS by $0.18, which still beat analysts’ estimates of $2.33.

Segment Details

ManpowerGroup operates through five segments, namely: (i) Americas; (ii) Southern Europe; (iii) Northern Europe; (iv) APME; and (v) Right Management.

During Q2 FY18, the Americas segment’s revenues declined 0.4% to $1.05 billion compared to $1.06 billion in Q2 FY17. The segment’s operating unit profit (OUP) marginally dropped 1.4% to $56.7 million in the reported quarter versus $57.5 million in the year ago same period.

For the reported quarter, the Southern Europe segment generated revenues of $2.43 billion, up by 14.0% from $2.14 billion in the year ago comparable period. The segment’s OUP hiked 9.8% to $121.7 million in Q2 FY18 compared to $110.8 million in Q2 FY17.

The Northern Europe segment’s revenues were $1.39 billion in Q2 FY18 versus $1.28 billion in Q2 FY17, increasing 8.7% on a y-o-y basis. The segment’s OUP declined 25.7% to $24.7 million in the reported quarter compared to $33.1 million in the year ago corresponding period.

The APME segment aggregated revenues of $724.8 million in Q2 FY18, up by 12.6% from $643.4 million in Q2 FY17. The segment’s OUP increased 25.5% to $29.2 million in the reported quarter compared to $23.3 million in the same quarter of last year.

The Right Management segment’s revenues decreased 8.3% to $52.4 million in Q2 FY18 compared to $57.1 million in Q2 FY17. The segment’s OUP was $10.5 million in the reported quarter versus $8.5 million in the year ago comparable period, increasing 23.2% on a y-o-y basis.

Cash Matters

As of June 30, 2018, ManpowerGroup’s cash and cash equivalents stood at $767.5 million compared to $573.1 million as of June 30, 2017. The Company had a long-term debt balance of $1.05 billion as of June 30, 2018, versus $478.1 million as of June 2017. For the six months ended June 30, 2018, the Company generated cash from operating activities of $175.6 million compared to cash generated of $148.0 million in the six months ended June 30, 2017.

Outlook

For the third quarter of the fiscal year 2018, ManpowerGroup expects EPS to be in the range of $2.37 to $2.45, which includes an estimated unfavorable currency impact of 5%.

Stock Performance Snapshot

July 27, 2018 – At Friday’s closing bell, ManpowerGroup’s stock slightly declined 0.18%, ending the trading session at $93.04.

Volume traded for the day: 920.50 thousand shares, which was above the 3-month average volume of 846.88 thousand shares.

Stock performance in the last month – up 8.05%

After last Friday’s close, ManpowerGroup’s market cap was at $6.12 billion.

Price to Earnings (P/E) ratio was at 12.10.

The stock has a dividend yield of 2.17%.

The stock is part of the Services sector, categorized under the Staffing & Outsourcing Services industry.

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