Milwaukee-based global workforce solutions company ManpowerGroup on Tuesday reported a 76.3% decrease in earnings in 2023 and a 4.6% decrease in revenues.
Net earnings for the company fell from $373.8 million in 2022 to $88.8 million in 2023 and net earnings per share fell from $7.17 in 2022 to $1.78 in 2023.
ManpowerGroup’s revenues from services fell from $19.8 billion in 2022 to $18.9 billion in 2023.
For the fourth quarter, ManpowerGroup’s revenues from services were down 3.7% to $4.6 billion and the company reported a net loss for the quarter of $84.5 million, down from a profit of $48.7 million in the fourth quarter of 2022.
The company said its fourth quarter 2023 results were affected by a stronger U.S. dollar relative to foreign currencies, $90 million in restructuring costs including the cost to wind down the Germany Proservia business, and certain non-cash charges including a non-cash goodwill impairment charge of $55 million, pension settlements and Argentina-related currency translation losses.
“Our fourth quarter and full year results reflect a challenging operating environment in North America and Europe, while we continued to see solid demand across Latin America and Asia Pacific Middle East,” said ManpowerGroup chairman and CEO Jonas Prising. “We are confident in our ability to navigate this kind of environment and ensure we are well positioned for profitable growth when demand improves.”
The company is projecting first quarter earnings of between 88 cents and 98 cents per share.
