Manpower (NYSE:MAN) earnings for the staffing company’s second quarter of 2020 have MAN stock falling on Monday. This is despite the company reporting adjusted earnings per share of 18 cents, which is better than Wall Street’s estimate of 17 cents. Its revenue of $3.74 billion also beats out analysts’ estimates of $3.64 billion.
Let’s take a deeper dive into the most recent Manpower earnings report below.
- Adjusted per-share earnings are down 91% from $2.05 in the same period of the year prior.
- Revenue for the quarter is sitting 30.4% lower than the $5.37 billion reported in the second quarter of 2019.
- Operating loss of $50 million is a massive decline year-over-year from an operating income of $130.8 million.
- The Manpower earnings report also includes a net loss of $64.4 million.
- That’s a major drop compared to the company’s net income of $127.3 million reported during the same time last year.
Jonas Prising, chairman and CEO of Manpower, said this in the Q2 earnings report.
“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.”
Manpower also includes an outlook for the third quarter of 2020 in its earnings report. It’s expecting adjusted earnings per share between 59 cents and 67 cents. Unfortunately, Wall Street is estimating adjusted EPS of 68 cents for the quarter.
MAN stock was down 4.5% as of Monday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.