ManpowerGroup (NYSE: MAN) reported Q2 EPS of $0.18, $0.01 better than the analyst estimate of $0.17. Revenue for the quarter came in at $3.7 billion versus the consensus estimate of $3.64 billion.

• Net losses of $1.10 per diluted share for the three months ended June 30, 2020 compared to net earnings of $2.11 per diluted share in the prior year period.
• Net losses in the quarter were $64.4 million compared to net earnings of $127.3 million a year earlier.
• Revenues for the second quarter were $3.7 billion, a 30% decline from the prior year period.
• The current year quarter included special items consisting of goodwill and other impairment, and discrete tax items, which reduced earnings per share by $1.28.
• Excluding these items, adjusted earnings per diluted share was $0.18 for the period.
• Financial results in the quarter were also impacted by the stronger U.S. dollar relative to foreign currencies compared to the prior year period.
• Earnings per share in the quarter were negatively impacted 2 cents by changes in foreign currencies compared to the prior year.
• On a constant currency basis, revenues decreased 28%. Excluding the impact of the special items, on a constant currency basis, net earnings per diluted share decreased 91%.

Jonas Prising, ManpowerGroup Chairman & CEO, said, "The world continues to be impacted by COVID-19 which started as a health crisis and evolved to become a global economic and social crisis. While certain regions continue to deal with the pandemic at elevated levels, elsewhere lockdowns are easing, economies are slowly re-opening and people are returning to work. I am thankful and proud of our talented colleagues for providing the highest levels of support to our clients and candidates during this extremely challenging period. In this environment, we will continue to focus on operational excellence, including managing costs prudently to offset gross profit declines while continuing to invest in our transformation. This is how we will continue to progress our key strategic initiatives and position us for further success when we emerge from these crises.

"We anticipate diluted earnings per share in the third quarter will be between $0.59 and $0.67, which includes an estimated unfavorable currency impact of 1 cent and an elevated effective tax rate due to the French Business Tax which will have an unfavorable impact of 7 cents. Our third quarter guidance reflects our assumptions as of today and does not anticipate any major rollbacks of economic reopening activities in any of our largest markets."

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