Challenging environments continued in both the US and Europe, ManpowerGroup Inc. (NYSE: MAN) reported. Fourth-quarter revenue fell 5.2% in constant currency at the Milwaukee-based global staffing firm to $4.63 billion.

“Our fourth-quarter and full-year results reflect a challenging operating environment in North America and Europe, while we continued to see solid demand across Latin America and Asia Pacific Middle East,” ManpowerGroup Chairman and CEO Jonas Prising said in a press release. “We are confident in our ability to navigate this kind of environment and ensure we are well positioned for profitable growth when demand improves.”

The company reported a net loss in the fourth quarter. It noted the quarter included restructuring costs of $90.0 million, a noncash goodwill impairment charge of $55.1 million, a software impairment charge of $2.2 million, and a noncash currency translation charge of $6.7 million related to hyperinflationary Argentina.

Revenue by business line

• Manpower revenue fell 3% year over year on a constant currency and organic basis in the fourth quarter. The rate of decline was stable from the third-quarter trend.
• Experis revenue fell 11% year over year on a constant currency and organic basis in the fourth quarter. The rate of decline increased slightly from the third-quarter trend. Enterprise clients had the most pronounced impact on the decreasing trend in the fourth quarter.
• Talent solutions revenue fell 14% on a constant currency and organic basis in the fourth quarter with the decline driven by RPO and MSP, which was partially offset by growth in Right Management. RPO and MSP experienced steady revenue trends from the third quarter.

ManpowerGroup sold its Philippines business on Sept. 29, 2023.

Click to enlarge.

Guidance

For the first quarter, ManpowerGroup forecasts:

• Total revenue to be down between 5% and 9% (down between 4% and 8% in constant currency)
• Americas revenue to be down between 6% and 10% (down between 3% to up 1% in constant currency)
• Southern Europe revenue to be down between 2% and 6% (down between 3% and 7% in constant currency)
• Northern Europe revenue to be down between 8% and 12% (down between 11% and 15% in constant currency)
• Asia Pacific Middle East revenue to be down between 10% and 14% (down between 5% and 9% in constant currency)
• Gross profit margin, to be between 17.2% and 17.4%

Share price

Shares in ManpowerGroup were up 1.32% to $77.51 as of 2:05 p.m. Eastern time today; they were 15.09% above their 52-week low.