ManpowerGroup Shares Tumble 17% Following Quarterly Earnings Miss

The company reported third-quarter profit of $34.1 million, or 71 cents a share, missing the 94-cent consensus forecast from FactSet analysts. Management attributed a 30-cent hit to earnings per share to costs tied to a transformation program, asset sales, and non-cash losses stemming from hyperinflation in Argentina. On an adjusted basis, however, earnings reached $1.01 per share, meeting market expectations.

Revenue climbed 4.4% to $4.84 billion, trailing the $4.86 billion anticipated by analysts. Looking ahead, the firm issued a cautious guidance for the current quarter, projecting earnings between $1.03 and $1.13 per share. This midpoint fails to satisfy the $1.10 target set by Wall Street.

Alongside the financial report, the company announced that Becky Frankiewicz, currently president and chief strategy officer, will succeed Jonas Prising as CEO. Prising has led the organization since 2014.