ManpowerGroup (NYSE:MAN) shares are trading lower after the company reported third-quarter FY23 results.
Challenging North American and European operating environments are the primary cause of revenue decline.
Gross profit decreased 6.4% Y/Y to $821.9 million with a gross margin of 17.6%.
Financial results in the quarter were also impacted by the weaker U.S. dollar relative to foreign currencies compared to the prior year period.
Selling and administrative expenses increased 4.9% for the quarter to $752.1 million.
Adjusted EPS of $1.38 beat the analyst consensus of $1.35.
The company exited the quarter with cash and equivalents worth $571.1 million.
Price Action: MAN shares are trading lower by 4.21% at $68.21 on the last check Thursday.
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