ManpowerGroup (NYSE:MAN) shares fell 2.68% in pre-market trading on Thursday after the company reported third-quarter results that showed a modest return to organic growth but lower profitability due to restructuring costs and currency headwinds.
Revenue for the quarter ended September 30, 2025, came in at $4.6 billion, up 2% on a reported basis but down 2% in constant currency. Organic constant currency revenue grew 1%, marking the company’s first quarter of organic growth after 11 consecutive quarters of declines.
Adjusted earnings per share were $0.83, slightly ahead of analyst expectations of $0.81, though down 39% in constant currency compared with the prior year. Net earnings fell to $18 million or $0.38 per diluted share, down from $22.8 million or $0.47 a year earlier. Restructuring costs and Argentina hyperinflation-related non-cash currency translation losses reduced earnings by $0.45 per share.
“After 11 consecutive quarters of organic constant currency revenue declines, we crossed back over to growth during the third quarter,” said Jonas Prising, ManpowerGroup Chair & CEO. “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.”
Gross profit margin came in at 16.6%, reflecting lower permanent recruitment activity, reduced outplacement services, and a shift toward enterprise clients. While demand showed signs of stabilization in North America and Europe, Latin America and Asia Pacific continued to demonstrate solid growth.
For the fourth quarter, ManpowerGroup expects diluted EPS in the range of $0.78 to $0.88, including an estimated favorable currency impact of 8 cents.
Year to date, the company reported a net loss of $43.5 million, largely tied to restructuring expenses, business sale losses, and non-cash goodwill and intangible asset impairments, which together reduced EPS by $2.98.
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