ManpowerGroup Q2 Result Beats Estimates; Announces Upbeat Q3 Outlook

ManpowerGroup Inc MAN reported second-quarter FY21 sales growth of 41.02% year-on-year to $5.28 billion, beating the analyst consensus of $5.15 billion.
Revenue from southern Europe, particularly in France recorded an 83% hike Y/Y.
Gross profit rose 49.1% Y/Y to $860 million.
Selling and administrative expenses increased 10.1% for the quarter to $690.2 million.
The operating margin for the quarter was 3.2%, with $169.9 million in operating income.
EPS of $2.02 beat the analyst consensus estimate of $1.41.
Cash and equivalents as of June 30, 2021, totaled $1.46 billion.
“As restrictions continued to ease worldwide, we saw the benefit of our diversified portfolio of services and workforce solutions,” said CEO Jonas Prising.
Outlook: The company sees Q3 EPS in the range of $1.86-$1.94 against the analyst consensus of $1.73.
Price action: MAN shares are trading lower by 2.50% at $108.81 on the last check Tuesday.

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