ManpowerGroup Q2 Results Miss Street View

ManpowerGroup Inc. MAN reported a second-quarter FY22 revenue decline of 3.8% year-over-year to $5.1 billion, missing the consensus of $5.27 billion.
Q2 Adjusted EPS was $2.33, missing the consensus of $2.34.
Gross margin expanded by 186 bps to 18.2%. Operating income increased by 6.3% Y/Y to $180.7 million, and the margin expanded by 35 bps to 3.6%.
Revenue from services: Americas $1.26 billion (+20.9% Y/Y), Southern Europe $2.2 billion (-9.1% Y/Y), Northern Europe $1.03 billion (-13.7% Y/Y) and APME $603.7 million (-2.6% Y/Y).
During the quarter, the company repurchased $100 million of common stock and refinanced the existing €400 million Note, extending maturity from September 2022 to June 2027.
ManpowerGroup generated cash from operating activities year-to-date of $21.3 million, compared to $195.4 million a year ago.
The company held cash and equivalents of $886.2 million as of June 30, 2022.
Q3 Outlook: ManpowerGroup expects EPS of $2.19 - $2.27, which includes an estimated unfavorable currency impact of 29 cents.
Price Action: MAN shares are trading lower by 0.57% at $79.10 on the last check Tuesday.

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