ManpowerGroup Inc. (NYSE: MAN) reported revenue fell 0.9% on a constant currency basis in the fourth quarter, though gross margin improved. In the US, fourth-quarter revenue was down 4.8%, and in Northern Europe, revenue was down 5.4% in constant currency. In ManpowerGroup’s largest single market, France, revenue edged up 1.5% in constant currency.

“Our fourth-quarter results reflect a softening demand environment, particularly in Europe and North America,” Chairman and CEO Jonas Prising said. “We continue to invest resources into markets and brands where demand is strong and are exercising financial discipline where demand is slower.”

The company’s Manpower business line saw revenue fall by 1% on an organic, constant currency basis. In its Experis business, revenue was flat. However, talent solutions business revenue rose 7% on an organic constant currency basis with growth led by RPO and Right Management operations. Still, the company noted its MSP offering within talent solutions had a modest decline in revenue due to a reduction in low-margin activity.

Net earnings fell 47.3% in constant currency.

ManpowerGroup noted its fourth-quarter results include $3.6 million in restructuring costs and a $2.0 million loss on the sale of the company’s Hungary business, as well as $2.7 million in final integration costs for the US Experis acquisition. ManpowerGroup also recorded a noncash goodwill impairment charge of $50.0 million and a noncash pension settlement charge of $3.2 million.

Guidance

For the first quarter, ManpowerGroup forecasts:

• Total revenue: Down 4% to down 8% (down 3% to up 1% in constant currency).
• Americas revenue: Down 5% to down 9% (down 2% to down 6% in constant currency).
• Southern Europe revenue: Down 3% to down 7% (down 4% to flat constant currency).
• Northern Europe revenue: Down 6% to down 10% (down 2% to up 2% in constant currency).
• Asia Pacific Middle East: Down 3% to down 7% (up 3% to up 7% in constant currency).

Share price and market cap

Shares in ManpowerGroup closed up 0.30% on Tuesday to $87.16; they were 36.19% above their 52-week low, according to FT.com. The company had a market cap of $4.39 billion.