ManpowerGroup (NYSE:MAN) reported better-than-expected earnings for the third quarter on Thursday.
The company posted quarterly earnings of 83 cents per share which beat the analyst consensus estimate of 81 cents per share. The company reported quarterly sales of $4.634 billion which beat the analyst consensus estimate of $4.600 billion.
ManpowerGroup said it sees fourth-quarter GAAP earnings of 78 cents to 88 cents per share, versus market estimates of 78 cents per share.
Jonas Prising, ManpowerGroup Chair & CEO said, 「After 11 consecutive quarters of organic constant currency revenue declines, we crossed back over to growth during the third quarter. 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. Currently our entire organization has a relentless focus on two main outcomes – Winning In The Market to increase our market share and the acceleration of initiatives to remove structural costs from the organization to drive a more efficient ManpowerGroup for the future. We are pleased with our progress in both and confident in our ability to deliver long-term value to all of our stakeholders.」
ManpowerGroup shares fell 5.1% to trade at $33.72 on Friday.
These analysts made changes to their price targets on ManpowerGroup following earnings announcement.
- Barclays analyst Manav Patnaik maintained ManpowerGroup with an Equal-Weight rating and lowered the price target from $50 to $42.
- UBS analyst Joshua Chan maintained ManpowerGroup with a Neutral and lowered the price target from $40 to $39.
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