ManpowerGroup Inc. reported a revenue decline of 5.6% for the fiscal year ending December 31, 2024, totaling $17.85 billion compared to $18.91 billion in 2023. The decrease was attributed to reduced demand for staffing and permanent recruitment services, particularly in Europe and North America, amid ongoing economic uncertainty. However, the company noted a rise in demand for its Right Management outplacement services, which partially offset the overall revenue decline. The strengthening of the U.S. dollar against foreign currencies also negatively impacted reported revenues, contributing to a 2.2% unfavorable effect on service revenues.
In terms of profitability, ManpowerGroup's operating profit increased by 19.6% to $306 million, with an operating profit margin of 1.7%, up from 1.4% in the previous year. This improvement was primarily driven by a reduction in selling and administrative expenses, which fell by 10.4% to $2.78 billion. The company implemented significant restructuring actions in response to declining activity levels, which are expected to lead to a more efficient cost structure moving forward. Net earnings rose to $145.1 million, or $3.01 per diluted share, reflecting a substantial increase from $88.8 million, or $1.76 per diluted share, in 2023.
Operationally, ManpowerGroup maintained a global presence with over 2,100 offices across approximately 75 countries. The company employed around 26,700 full-time equivalent employees and facilitated the employment of millions of temporary and contract workers annually. The Americas segment accounted for 65% of total revenue, while Southern Europe, particularly France and Italy, represented significant portions of the company's operations. The company also reported a decrease in accounts receivable, which fell to $4.30 billion, reflecting a focus on cash collections and improved working capital management.
Strategically, ManpowerGroup engaged in several acquisitions and divestitures during the year. The company completed a franchise acquisition in the United States and disposed of its operations in Austria and South Korea, transitioning to franchise agreements in those markets. These moves are part of a broader strategy to optimize its global footprint and enhance operational efficiency. The company also continued to invest in technology and digital capabilities, including the deployment of its PowerSuite platform, aimed at improving service delivery and operational agility.
Looking ahead, ManpowerGroup anticipates continued challenges in the business environment, particularly in Europe and North America, due to macroeconomic and geopolitical uncertainties. The company plans to closely monitor economic conditions and adjust its operational strategies accordingly. While the demand for staffing services may remain subdued, the company expects to leverage its Right Management services to mitigate potential revenue declines and enhance overall profitability.
About ManpowerGroup Inc.
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.