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View All NewsManpowerGroup Q2 revenue up 31% in constant currency amid improving global economic environment
Second-quarter revenue at ManpowerGroup Inc. (NYSE: MAN) rose 31.3% in constant currency. The Milwaukee-based staffing giant reported its Manpower and Experis brands saw increased demand for staffing and permanent recruitment while Talent Solutions’ growth was led by its RPO and MSP businesses.
“Our second-quarter results reflect an improving global economic environment and increased demand for our services across our key markets and brands,” Chairman and CEO Jonas Prising said. “As restrictions continued to ease worldwide, we saw the benefit of our diversified portfolio of services and workforce solutions.”
| (US$ millions) | Q2 2021 | Q2 2020 | % change | % constant currency |
| Revenue from services | $5,277.1 | $3,742.2 | 41.0% | 31.3% |
| Gross profit | $860.1 | $576.7 | 49.1% | 39.8% |
| Gross margin | 16.3% | 15.4% | ||
| Net earnings | $111.6 | ($64.4) | nm |
The second quarter of 2020 included a goodwill impairment charge of $66.8 million
Revenue by geography
| (US$ millions) | Q2 2021 | Q2 2020 | % change | % constant currency |
| Americas | ||||
| United States | $628.8 | $515.9 | 21.9% | 21.9% |
| Other Americas | $415.5 | $320.7 | 29.6% | 24.3% |
| Total Americas | $1,044.3 | $836.6 | 24.8% | 22.8% |
| Southern Europe | ||||
| France | $1,346.8 | $736.0 | 83.0% | 67.3% |
| Italy | $469.1 | $268.5 | 74.7% | 59.6% |
| Other Southern Europe | $606.5 | $466.3 | 30.1% | 20.4% |
| Total Southern Europe | $2,422.4 | $1,470.8 | 64.7% | 51.0% |
| Northern Europe | $1,190.5 | $865.7 | 37.5% | 23.1% |
| Asia Pacific Middle East | $619.9 | $569.1 | 8.9% | 5.5% |
Guidance
For the third quarter, ManpowerGroup forecast:
- Total revenue to be up 14% to 18% (an increase of 12% to 16% in constant currency)
- Americas revenue to be up 9% to 13% (an increase of 8% to 12% in constant currency)
- Southern Europe revenue to be up 14% to 18% (an increase of 12% to 16% in constant currency)
- Northern Europe revenue to be up 28% to 32% (an increase of 23% to 27% in constant currency)
- Asia Pacific Middle East revenue to be up 2% to 6% (an increase of 1% to 5% in constant currency)
- Gross profit margin to be between 15.9% and 16.1%
Share price and market cap
Shares in ManpowerGroup were down 1.37% to $109.82 as of 11:50 a.m. Eastern time today; they were 12.19% below their 52-week high, according to FT.com. The company had a market cap of $6.07 billion.