ManpowerGroup shares over 2% fall as restructuring costs weigh on earnings

MILWAUKEE - On Thursday, ManpowerGroup (NYSE:MAN) reported third-quarter results showing a return to organic growth but continued pressure on earnings from restructuring costs and currency impacts.

The global workforce solutions company’s shares fell 2.68% in pre-market trading after the release.

The company posted revenue of $4.6 billion for the quarter ended September 30, 2025, a 2% increase as reported but a 2% decrease on a constant currency basis. Organic constant currency revenue grew 1%, marking the company’s first quarter of organic growth after 11 consecutive quarters of declines. Adjusted earnings per share came in at $0.83, slightly above analyst estimates of $0.81, but down 39% in constant currency from the prior year.

Net earnings fell to $18 million or $0.38 per diluted share, compared to $22.8 million or $0.47 per share a year earlier. The quarter included restructuring costs and Argentina hyperinflationary related non-cash currency translation losses that reduced earnings by $0.45 per share.

"After 11 consecutive quarters of organic constant currency revenue declines, we crossed back over to growth during the third quarter," said Jonas Prising, ManpowerGroup Chair & CEO. "The stabilization of demand in recent quarters in North America and Europe, despite ongoing tariff uncertainty, has been a key factor in the revenue trend improvement."

Gross profit margin was 16.6%, reflecting lower permanent recruitment activity, reduced outplacement services, and a business mix shift toward enterprise clients. The company reported ongoing stabilization across North America and Europe while Latin America and Asia Pacific continued to experience good demand.

For the fourth quarter, ManpowerGroup expects diluted earnings per share between $0.78 and $0.88, which includes an estimated favorable currency impact of 8 cents.

Year-to-date, the company reported a net loss of $43.5 million, primarily due to restructuring costs, business sale losses, and a non-cash goodwill and intangible asset impairment charge that collectively reduced earnings per share by $2.98.

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