ManpowerGroup Shares Slide After Restructuring Costs Dent 3Q Profit

Dow Jones10-16

Kelly Cloonan

Shares of ManpowerGroup declined after restructuring costs weighed on profit in the latest quarter, and as the company named a new chief executive.

The stock slid 17% to $43.31 on Thursday. Shares are still up 46% year to date.

ManpowerGroup posted a third-quarter profit of $34.1 million, or 71 cents a share, compared with $18 million, or 38 cents a share, a year earlier. Analysts polled by FactSet had forecast earnings per share of 94 cents.

The company said costs tied to restructuring and its transformation program, a business sale adjustment and Argentina hyperinflationary-related non-cash currency translation losses hurt earnings per share by 30 cents.

Adjusted earnings per share were $1.01, in line with analyst estimates, according to FactSet.

Revenue rose 4.4% to $4.84 billion, compared with analyst estimates of $4.86 billion.

The company also gave a soft outlook for the current quarter, guiding for earnings per share of $1.03 to $1.13. The midpoint of that range is below analysts' forecast of $1.10.

ManpowerGroup also on Thursday named Becky Frankiewicz, its president and chief strategy officer, as its incoming CEO. Frankiewicz will succeed Jonas Prising, who has served as CEO since 2014.

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