ManpowerGroup Inc. (NYSE: MAN) reported first-quarter results, showing a slight decrease in revenue and net earnings due to a challenging operating environment in the US and Europe. However, their gross margin improved with the company citing strong pricing discipline and increased outplacement activity in its Right Management business line.
Chairman and CEO Jonas Prising commented on the results saying, “Despite a softening demand environment for our brands, labor markets remained strong during the first quarter. Employers are intent on holding on to the staff they have and are hiring new talent more selectively at a measured pace. We continue to adjust our cost base in the parts of our business where demand has decreased.”
The company saw a decrease in revenue in their Talent Solutions, Manpower, and Experis segments, while their Asia Pacific Middle East operations saw a 7.3% increase in constant currency. Additionally, they reported a gross profit margin between 17.9% and 18.1%.
In terms of guidance for the second quarter, ManpowerGroup forecasted a decrease in US, Southern Europe, and Northern Europe revenue, while expecting their Asia Pacific Middle East operations to remain flat to slightly increase.
Overall, ManpowerGroup has experienced a challenging
