MAN - ManpowerGroup Inc. (MAN) Q1 2024 Earnings Call Transcript

2024-04-18 11:42:14 ET

ManpowerGroup Inc. (MAN)

Q1 2024 Earnings Conference Call

April 18, 2024 8:30 AM ET

Company Participants

Jonas Prising - Chairman and CEO

Jack McGinnis - EVP and CFO

Conference Call Participants

Jeff Silber - BMO Capital Markets

Trevor Romeo - William Blair

Mark Marcon - Baird

Josh Chan - UBS

Princy Thomas - Barclays Capital

Tobey Sommer - Truist Securities

Stephanie Yee - J.P. Morgan

Stephanie Moore - Jefferies

George Tong - Goldman Sachs

Emily Marzo - Bank of America

Presentation

Operator

Hello and welcome to the ManpowerGroup First Quarter 2024 Earnings Call. At this time all participants are in listen-only mode. After the speakers’ remarks there will be a question-and-answer session. [Operator Instructions] As a reminder, this call is being recorded.

I would like to turn the call over to Jonas Prising, Chairman and CEO. Please go ahead.

Jonas Prising

Welcome and thank you for joining us for our First Quarter 2024 Conference Call. Our Chief Financial Officer, Jack McGinnis, is with me today. And for your convenience, we have included our prepared remarks within the Investor Relations section of our website at manpowergroup.com. I’ll start by going through some of the highlights of the first quarter, and then Jack will go through the results and guidance in more detail. And I’ll then share some concluding thoughts before we start our Q&A session.

Jack will now cover the Safe Harbor language.

Jack McGinnis

Good morning everyone. This conference call includes forward-looking statements, including statements concerning economic and geopolitical uncertainty, which are subject to known and unknown risks and uncertainties. These statements are based on management's current expectations or beliefs. Actual results might differ materially from those projected in the forward-looking statements. We assume no obligation to update or revise any forward-looking statements. Slide 2 of our earnings release presentation further identifies forward-looking statements made in this call and factors that may cause our actual results to differ materially and information regarding reconciliation of non-GAAP measures.

Jonas Prising

Thanks, Jack. Last quarter, we stated that though the economy remains resilient in many markets, uncertainty around the outlook persists, leading employers to be cautious in their hiring, pausing non-critical spend and deferring projects until more clarity emerges. One quarter in -- we see a continuation of this trend. Labor markets are cooling in North America and Europe yet remain strong.

In our most recent ManpowerGroup Employment Outlook Survey, employers reported increased caution in their hiring due to economic uncertainty. At the same time, as they look beyond the current period of economic uncertainty, business leaders feel optimistic about the future, and they are clear that skilled talent is the cornerstone to success and are holding on to their existing workforces today. That's how demand remains strong for some skilled workers and talent shortages persist, despite a cooling broader environment.

Our industry remains on the leading edge of labor market trends, and the impact of the softening environment has been felt here first. Demand for temporary staffing has been running at lower levels in most markets in North America and in Europe. We have however, seen continued stabilization in various key markets, most notably in the U.S., the U.K., but now also in some other European markets, albeit at low levels....

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