ManpowerGroup Q1 Profit Down 96.8%, Revenue Declines - Quick Facts

(RTTNews) - ManpowerGroup Inc. (MAN), a provider of workforce solutions, on Tuesday reported net earnings for the first quarter of $1.7 million or $0.03 per share, down sharply from $53.5 million or $0.88 per share in the prior-year period. The company's shares are losing almost 5 percent in pre-market activity.

The company said its results were significantly impacted by the COVID-19 crisis. The latest quarter's results included restructuring costs, which reduced earnings per share by $0.68, and a previously disclosed non-cash pension settlement charge, which reduced earnings per share by $0.11.

Excluding the impact of the restructuring costs and pension settlement charges, on a constant currency basis, net earnings per share decreased 39 percent.

Revenues for the quarter declined 8.4 percent to $4.62 billion from $5.04 billion in the prior-year period. On a constant currency basis, revenues decreased 6 percent.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.75 per share for the quarter on revenues of $4.3 billion. Analysts' estimates typically exclude special items.

Looking ahead, Manpower Group said it will not be providing guidance for second-quarter earnings, as it cannot forecast when governments in certain major markets will be lifting current work restrictions.