ManpowerGroup (NYSE: MAN) reported Q3 EPS of $0.18, $0.44 worse than the analyst estimate of $0.62. Revenue for the quarter came in at $4.58 billion versus the consensus estimate of $4.27 billion.

• 13% reported revenue decline in third quarter (14.5% decline on a constant currency basis) - Continued improvement in year-over-year revenue trend during the quarter, marking five months of improvement since April 2020
• Strong results from Talent Solutions, led by double digit revenue growth in Career Transition activity within Right Management
• Manpower brand exhibited a strong recovery trend during the third quarter as the rate of revenue and gross profit decline halved from the second quarter
• Experis brand revenues derived 75% from IT, with improved gross profit compared to second quarter
• Restructuring charges of $50 million in the quarter for real estate optimization and streamlining of operations
• Strong ongoing cost management in light of significant decreases in gross profit

Jonas Prising, ManpowerGroup Chairman & CEO, said, "As the global recovery took hold in the third quarter we experienced strengthening demand for our services reflecting the diversity of our offerings and strength of our digital capabilities. We also continued to advance strategic initiatives in the quarter including restructuring activities to improve efficiency, adjustments to our country portfolio to improve profitability, and ongoing execution of our digitization initiatives. All of these actions are improving our business for further progress as we gradually recover from the current crisis. I would like to thank our talented teams around the world for their contribution to these results, their unwavering support to clients and candidates as well as their commitment to creating a positive social impact."

"We anticipate diluted earnings per share in the fourth quarter will be between $1.06 and $1.14, which includes an estimated favorable currency impact of 3 cents."

Net losses for the nine months ended September 30, 2020 were $52.4 million, or net loss of $0.90 per diluted share compared to net earnings of $326.9 million, or net earnings of $5.40 per diluted share in the prior year. The year to date period included special items and restructuring costs which reduced earnings per share by $3.09. The prior year-to-date period included special items and restructuring costs which increased earnings per share by 5 cents. Revenues for the nine-month period were $12.9 billion, a decrease of 17% from the prior year or a decrease of 16% in constant currency. Earnings per share for the nine-month period were negatively impacted 1 cent by changes in foreign currencies compared to the prior year, or 2 cents excluding the special items and restructuring costs.

In conjunction with its third quarter earnings release, ManpowerGroup will broadcast its conference call live over the Internet on October 20, 2020 at 7:30 a.m. CDT (8:30 a.m. EDT). Prepared remarks for the conference call are included within the Investor Relations section of our website at manpowergroup.com. Interested parties are invited to listen to the webcast and view the presentation by logging on to http://investor.manpowergroup.com/ in the section titled "Investor Relations."

For earnings history and earnings-related data on ManpowerGroup (MAN) click here.