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ManpowerGroup Inc (MAN-0.56%). has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in revenues from services to $4,530.2 million from $4,675.6 million in the same quarter the previous year. The decrease is attributed to reduced demand for staffing and recruitment services amid ongoing economic uncertainty.
Cost of services for the quarter was $3,748.1 million, representing 83% of revenues, compared to 82% in the same quarter of the previous year. This increase in cost ratio is due to a mix shift and lower volumes in staffing services.
The company reported a gross profit of $782.1 million for the quarter, compared to $821.9 million in the previous year, with the decline attributed to reduced demand for higher-margin permanent recruitment services.
Selling and administrative expenses decreased to $711.3 million from $752.1 million, primarily due to reductions in personnel costs and office expenses.
Operating profit for the quarter was $70.8 million, up from $69.8 million in the previous year, with the increase attributed to a reduction in selling and administrative expenses.
Net earnings for the quarter were $22.8 million, down from $30.3 million in the previous year. The decrease is due to a higher effective income tax rate and lower overall earnings.
Net earnings per share – diluted were $0.47, compared to $0.60 in the previous year. The decrease in earnings per share is attributed to lower net earnings and a reduction in the number of shares outstanding due to share repurchases.
Cash provided by operating activities was $61.6 million, compared to $234.5 million in the previous year, with the decrease primarily due to timing of collections and payments.
ManpowerGroup had a working capital of $657.6 million as of September 30, 2024. The company continues to focus on managing its cash flow and liquidity to meet future obligations.
The filing also details various financial agreements, including a revolving credit facility with a borrowing capacity of $600 million, of which $599.6 million was available as of September 30, 2024.
ManpowerGroup does not anticipate significant changes in its strategic direction and continues to monitor economic conditions closely.
The company identified no material weaknesses in its internal controls over financial reporting.
ManpowerGroup continues to focus on optimizing its global strategic and geographic footprint and overall efficiency.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the ManpowerGroup quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.