ManpowerGroup Inc. reported a decline in financial performance for the third quarter and the first nine months of 2024 compared to the same periods in 2023. For Q3 2024, revenues from services totaled $4,530.2 million, down 3.1% from $4,675.6 million in Q3 2023. The gross profit also decreased by 4.8%, from $821.9 million to $782.1 million. However, operating profit increased slightly to $70.8 million, up from $69.8 million in the prior year. Net earnings for Q3 2024 were $22.8 million, a significant drop of 24.7% from $30.3 million in Q3 2023, resulting in diluted earnings per share of $0.47, down from $0.60.

For the nine months ended September 30, 2024, total revenues from services decreased by 5.8% to $13,454.2 million, with gross profit declining by 8.5% to $2,331.7 million. Operating profit for this period fell by 19.5% to $237.8 million, and net earnings decreased by 29.3% to $122.6 million, leading to diluted earnings per share of $2.53, down from $3.42.

The company attributed the revenue declines to decreased demand for staffing and permanent recruitment services, particularly in the Americas and Europe, amid ongoing economic uncertainty. In the Americas, revenues fell by 5.5% in Q3 2024, influenced by unfavorable currency exchange rates and reduced demand for Experis interim services. Southern Europe saw a slight revenue decrease of 0.6%, while Northern Europe experienced a more significant decline of 9.4%.

ManpowerGroup's total assets decreased to $8,478.3 million as of September 30, 2024, down from $8,830.2 million at the end of 2023. Current liabilities also decreased to $4,525.0 million, while total shareholders' equity fell to $2,177.7 million. The company reported cash and cash equivalents of $410.9 million, a decrease from $581.3 million at the end of 2023.

Strategically, the company sold its subsidiary Manpower Korea, Inc. for $20.6 million on November 1, 2024, and recorded restructuring costs of $37.6 million in Q3 2024, slightly lower than the $38.1 million recorded in Q3 2023. The restructuring reserve balance decreased to $53.9 million as of September 30, 2024. Additionally, the company repurchased 1.5 million shares at a cost of $106.0 million during the nine months ended September 30, 2024, under its share repurchase authorization.

Overall, ManpowerGroup's financial results reflect challenges in the staffing industry, driven by economic conditions and changing demand patterns across its global operations.